Trading

LME says ‘no proper basis’ to overturn court’s approval of nickel trade cancellations

The LME’s counsel argued the exchange had a regulatory obligation to intervene and that Elliott was repeating arguments already struck down by the lower court

The London Metal Exchange cancelled $12bn of nickel trades in March 2022 Chris J. Ratcliffe/Bloomberg via Getty Images
The London Metal Exchange cancelled $12bn of nickel trades in March 2022 Chris J. Ratcliffe/Bloomberg via Getty Images Photo: Bloomberg via Getty Images

Lawyers for the London Metal Exchange told the Court of Appeal there is no basis to overturn the November decision that found it had acted within its power to cancel nickel trades.

Elliott Management is appealing the ruling as it seeks $456m in damages after the LME cancelled $12bn of nickel trades on 8 March 2022.

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