The London Metal Exchange has painted a picture of itself as a saviour to the metals and wider derivatives market — in an effort to defend its controversial March 2022 move to wipe out $4bn in nickel trades.
The exchange argued the crisis would have caused further “significant and systemic damage” but for its intervention. The LME's defence, on day three of hearings in a London High Court, comes amid claims from Elliott and Jane Street, who are suing the exchange for $456m and $15.3m respectively.
