News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Trading

LME boss says he has a plan to win back trust after wiping $4bn in nickel trades

'I don’t want to minimise the anger. The firm felt cancelling trades was the right tool for the right reasons'

Matthew Chamberlain said that cancelling trades was necessary because of the likelihood of multiple defaults and systematic risk
Matthew Chamberlain said that cancelling trades was necessary because of the likelihood of multiple defaults and systematic risk Photo: Bloomberg via Getty Images

The London Metal Exchange has had a disastrous year.

When the Ukraine crisis helped trigger a record surge in nickel prices in March, exchange boss Matthew Chamberlain took the unprecedented step of cancelling $4bn in trades. Traders raged. Hedge funds filed lawsuits. Chamberlain went on TV to defend the decision.

WSJ Logo