The London Metal Exchange asked a High Court judge to respect its “specialist” judgment and refuse payment of $456m and $15.3m, respectively, sought by activist hedge fund Elliott Management and market maker Jane Street over cancelled nickel trades in early March.

The view from the LME in the 13 July court filings — still in the early stages of a judicial review in which a judge must decide whether the lawsuits can go to full trial with the matter — gives insight into the direction the LME’s defence might take.