6 June 2022

LME sued over nickel trade suspension

The London Metal Exchange is being sued by Elliott Management over the suspension and cancellation of nickel trades earlier this year.

Metal cube
© Milad Fakurian/Unsplash

Elliott filed the claim with the English High Court of Justice this month. The American firm alleges that the cancellation of nickel contract trades, due to price changes resulting from the Russian invasion of Ukraine, was unlawful.

LME is set to contest the claim.

UK financial regulators are already looking into the handling of the suspension, with the Financial Conduct Authority and the Bank of England looking to improve the LME’s governance, market oversight and risk management.

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