Please note that in the case of cancellation agreements executed on the LME, if the executing broker and the countervailing broker are countervailing members of the LME and no non-member compensation or performance participates in the transaction, standard versions of customers or resellers should be used. From 1986 to 1996, Yasuo Hamanaka, the head of the copper merchant at Sumitomo, attempted to manipulate the LME copper market by secretly creating a dominant position in LME Copper`s spot and futures markets. Through facetmic sales and sales contracts, Hamanaka created the illusion of a significant copper business in Sumitomo, which enabled it to acquire large quantities of LME copper futures and stock warrants to enter the LME copper market. Until 24 November 1995, Hamanaka controlled 93% of the outstanding LME copper guarantees, which are physical copper rights in the LME storage system. Hamanaka`s position in the copper market led to a rapid rise in copper prices around the world, leading copper to leave physical comex stocks at LME warehouses, particularly at the LME warehouse in Long Beach. The rapid movement in copper and physical copper prices from COMEX warehouses led to investigations by the Commodity Futures Trading Commission (CFTC) and the Securities and Investments Board (SIB). Sumitomo eventually cooperated with the investigation and fired Hamanaka, which led hamanaka to confess in 1996. Hamanaka`s speculative position helped push LME contract prices up to US$2800 per tonne in May 1996, and the tumble in that position contributed to these prices falling almost two months later, on June 25, 1996, to $1785 per tonne, a two-and-a-half-year low. The case cost Sumitomo $2.6 billion.
  In addition to the standard versions of traders and customers of the Give-Up agreement, the Fia Law-Compliance Division provides more personalized versions of “give-up” agreements for transactions executed on the London Metal Exchange (LME) in which either direct executing or clearing broker are not members of LME. LME Give-Up agreements are available in dealer and customer versions and are specially designed to comply with LME rules. LMEminis is a monthly monthly contract of five tonnes in cash that charges the official price of the LME settlement at the end of the “mother contract” of the LME. Our contracts allow all those along the metal supply chain as well as investment communities to guard against price risks or take price risks. Our unique appointment structure provides flexibility for the metallurgical community to make daily, weekly and monthly transactions, reflecting physical commerce. Participants can trade one of our 14 underlying metals with futures, options, TAPOs, Monthly Average Futures, LMEminis and our LMEX index product.