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LME vindicated for cancelling nickel trades; Comex must feel relief
LME Triumphs in Lawsuit Over Cancelled Nickel Trades
By Sam Tobin and Pratima Desai
Wednesday, November 29, 2023
LONDON -- The London Metal Exchange won Wednesday a legal battle with U.S. financial firms that brought a case demanding $472 million in compensation after the exchange cancelled billions of dollars in nickel trades last year following a surge in prices.
Hedge fund Elliott Associates and market maker Jane Street Global Trading brought the case after the world's largest metals marketplace cancelled $12 billion in trades when prices shot to records above $100,000 a metric ton in a few hours of chaotic trade in March 2022.
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In its written ruling, London's High Court said the LME could cancel trades in exceptional circumstances and was not obligated to consult market players prior to its decision.
"This judgment recognises the LME’s obligation to maintain orderly markets and its powers to intervene to this end, including by cancelling trades," the LME said.
Other exchanges were closely watching the case because it could have wider ramifications on their ability to react to crisis situations. ...
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