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UK watchdog says LME ‘needs to learn lessons’ after nickel chaos leads exchange to wipe $4bn in trades

The Financial Conduct Authority says its taking 'very close interest' in the London Metal Exchange following the nickel market mayhem

'We have been, and will continue to be, taking a very close interest in how it is managing and responding to the issues,' the FCA said
'We have been, and will continue to be, taking a very close interest in how it is managing and responding to the issues,' the FCA said Photo: Christian Sinibaldi

The nickel fiasco at the London Metal Exchange offers lessons for the exchange and the market, said a senior official at the City's watchdog, the Financial Conduct Authority.

“The London Metal Exchange and the rest of the market need to learn lessons from episodes such as this, it’s important they do so,” FCA head of markets policy Edwin Schooling Latter said on a 24 March panel discussion at a FIX Trading Community conference.

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