The
London Metal Exchange (LME) is the futures exchange with the world's largest market in options and
futures contracts on
base and other
metals. As the LME offers contracts with daily expiry dates of up to three months from trade date, weekly contracts to six months, and monthly contracts up to 123 months, it also allows for cash trading. It offers
hedging, worldwide reference pricing, and the option of physical delivery to settle contracts. In July 2012, LME's shareholders voted to sell the exchange to
Hong Kong Exchanges and Clearing for £1.4 billion.