Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Finance»UK watchdog may not probe LME cancelled nickel trades -lawyers
Finance

UK watchdog may not probe LME cancelled nickel trades -lawyers

March 5, 2023No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

LONDON, March 3 (Reuters) – An enforcement motion launched on Friday by a British monetary watchdog over a nickel disaster on the London Steel Trade final 12 months could exclude essentially the most contentious challenge – the cancellation of billions of {dollars} of trades, attorneys stated.

The tight remit of Britain’s Monetary Conduct Authority (FCA), which declined to touch upon the problem, could anger buyers who stated they misplaced large quantities of cash by means of the cancellations.

The FCA stated on Friday it had begun an “enforcement investigation” into the conduct and techniques and controls of the LME over a wild spike in nickel costs final March.

The world’s largest and oldest metals market annulled all nickel trades in March final 12 months after chaotic worth motion and suspended buying and selling for the primary time since 1988.

However attorneys famous that the FCA wording was very particular about the timeframe of the investigation – “from the interval between 1 January 2022 and the time of suspension on 8 March 2022”.

Newest Updates

View 2 extra tales

The 146-year-old alternate stopped nickel buying and selling at 8:15 a.m. London time on March 8, however waited about 4 hours earlier than saying it could additionally cancel offers that happened throughout the unruly exercise.

“It does look from the assertion that the FCA just isn’t going to take a look at the cancelled trades,” stated a regulation lawyer.

“They would not have included that wording about suspension by accident,” one other lawyer stated. Each declined to be recognized.

The FCA stated it could not make any additional remark concerning the investigation.

The LME faces lawsuits from U.S. hedge fund Elliott Associates and Jane Road World Buying and selling, that are suing the alternate for $456 million and $15.3 million, respectively, for the cancelled nickel trades.

“Neither the Financial institution of England or the FCA have been clear about whether or not the LME ought to have cancelled the trades,” stated Harold de Boer, managing director at funding agency Transtrend.

“In the event that they authorised the cancelling of trades, that might be a scary precedent.”

Reporting by Eric Onstad; Enhancing by Kirsten Donovan

: .

Source link

cancelled lawyers LME nickel probe trades watchdog
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Paycom Makes Solid Progress

May 10, 2025

Tapestry lifts forecasts on booming demand for Coach handbags

May 10, 2025

US oil and gas rig count falls to lowest since January, Baker Hughes says

May 9, 2025

Clarium raises $27m funding to enhance AI-driven solutions for healthcare

May 9, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

When Bombay was a feast: A budget gourmet’s guide | Food-wine News

May 10, 2025

‘We had Pahalgam victims in our mind’: Amidst conflict, J&K teenagers win Khelo India volleyball gold | Sport-others News

May 10, 2025

Turkish Tufts University student released on bail

May 10, 2025

Husband Who Left Toddler To Die In Car Heads To Hawaii Amid Legal Woes

May 10, 2025
Popular Post

Alec Baldwin Was Reportedly Offered Lenient Plea Deal Before Prosecutors Withdrew It

How Angel City became ‘the most valuable women’s sports team in the world’ with new owners

Deion Sanders talks a lot about character but his bully tactics show very little of it

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.