The London Metal Exchange had "no power to cancel trades" in the manner in which it did during the historical March 2022 nickel fiasco, fund manager Elliott Management and trading firm Jane Street said.

The two firms got out their arguments quickly on 20 June, the first day of a court battle in which Elliott and Jane Street are suing for $456m and $15.3m respectively. The legal action follows the LME's cancellation of nearly $4bn worth of nickel trades in March.