The objective of the London Metal Exchange is to provide facilities, along with the management and regulatory structure, for trading in LME contracts . It is a Recognised Investment Exchange (RIE), regulated directly by the Financial Conduct Authority (FCA).
Although its activities are closely related to the physical markets, it operates within the regulatory framework of the Financial Services and Markets Act 2000. The Act closely defines the conditions under which the Exchange operates and requires that as an RIE it maintains orderly markets in all it's contracts.
When it carries out its activities in the United States (US), the Exchange is governed by the relevant US legislation and by the Commodities and Futures Trading Commission (CFTC). It is also subject to any relevant directives of the European Union.
The Articles of Association of the London Metal Exchange is available to download.