British financial regulators took weighty action on Friday, including a probe into possible misconduct, over the decision last year by the London Metal Exchange to halt nickel trading and cancel billion of dollars of trades. nickel
The move spurred legal action, while the nickel contract remains broken with volumes sliding, leaving the industry without an effective global reference price.
The watchdog said it would not make any further comment about the probe. Its website says: “We will start an investigation where we have reason to believe serious misconduct may have taken place.” “The LME will cooperate fully with this process and will continue to take the appropriate steps to ensure the long-term health, efficiency and resilience of its market,” the LME added.On Friday the Bank of England separately said its reviews had pointed to several shortcomings at LME clearing house LME Clear, adding it would name an independent monitor to assess and report on its remedial actions.
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