The London Metal Exchange (LME) is a futures and forwards exchange in London, United Kingdom with the world's largest market[1] in standardised forward contracts, futures contracts and options on base metals.

It offers hedging, worldwide reference pricing, and the option of physical delivery to settle contracts.

[4] In January 2021, LME proposed closing the ring, Europe's last open-outcry trading floor, and moving permanently to an electronic system.

Launched in 2014 it was designed and built in consultation with the market to provide cost-efficient, EMIR compliant clearing and settlement services, using cutting-edge technology.

The hedge fund sued for $456 million, claiming that LME acted "unreasonably and irrationally" when it canceled nickel trades made on March 8, 2022.