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Jane Street joins Elliott in legal battle over LME’s $4bn in wiped trades: ‘There are bound to be others’

The LME’s decision to cancel trades is under joint review by the Financial Conduct Authority, the Prudential Regulation Authority, and the Bank of England

Nickel traders at the LME’s famous ‘Ring’ in March saw some $4bn in trades cancelled
Nickel traders at the LME’s famous ‘Ring’ in March saw some $4bn in trades cancelled Photo: Bloomberg via Getty Images

Wall Street market-maker Jane Street became the latest to sue the London Metal Exchange for cancelling some $4bn in nickel trades back in March, following Elliott Management’s lawsuit a day earlier. They likely won't be the last.

That’s according to one trading market expert. It’s probably just the start of the LME’s problems, they said, and there are “bound to be others that follow”.

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