Posted on 11/29/2023 7:14:37 AM PST by EBH
The London Metal Exchange (LME) won a legal battle with U.S. financial firms on Wednesday which 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.
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.
(Excerpt) Read more at reuters.com ...
LME cancelled nickel trades to 'save' Tsingshan, London court told https://www.reuters.com/markets/commodities/lme-cancelled-nickel-trades-save-tsingshan-london-court-told-2023-06-20/
LONDON, June 20 (Reuters) - The London Metal Exchange cancelled $12 billion worth of trades when nickel prices went haywire in March 2022 to "save" China's Tsingshan, lawyers for two financial firms suing...
It is all rigged...just rigged.
When the casino starts to lose, they just shut everything down?
Looks like it eh?
Actually, the exchange lost money because they didn’t do the transaction.
The exchange makes money off of transactions, not cancelling them.
I don’t see any problem with this. The US exchanges halt trading.
“When the casino starts to lose, they just shut everything down?”
or change the rules in mid-game ...
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