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17.06 - 17:13
LME boss defends cancelling nickel trades to stop ‘multiple defaults’
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fnlondon.comMetal traders would have been hit with "multiple defaults" had the London Metal Exchange not cancelled trades on 8 March, the exchange's chief executive Matthew Chamberlain said.
“If we called margins at those levels, that would have been a margin call unprecedented in the history of the LME,” he told a Futures Industry Association event on 7 June. “We had very significant concerns about the ability of market participants to meet those margins. And therefore, concerns of multiple defaults.”
The...
Read more on fnlondon.comAbout this in other media
Britannia Global Markets to pull LME membership over nickel crisis fnlondon.com /2 years ago
Hedge fund group files complaint against LME for ‘failure’ during nickel chaos fnlondon.com /2 years ago
London Metal Exchange hit with two U.S. lawsuits over nickel trading chaos cnbc.com /2 years ago
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