nickel LME LME defends its March nickel decision, cites $20 billion 'death spiral'
The London Metal Exchange said its decision to cancel billions of dollars of nickel trades back in March was lawful and the only option given the circumstances, according to Monday's court filing.
"The LME maintains that Elliott's and Jane Street's grounds for complaint have no merit and are based on a fundamental misunderstanding of the situation on 8 March and the decisions taken by the LME," an LME spokesperson said."All the actions taken on 8 March were lawful and made in the interest of the market as a whole. The LME will continue to vigorously defend these proceedings.
At that point, LME Clear"was concerned that it would not be feasible for Members to meet further intraday margin calls." But during a 4 p.m. call, the LME still thought that the market was orderly, allowing it to reopen and citing potential sanctions on Russia as the trigger behind the price surge in nickel.
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