Jane Street with $15 Billion Trading Capital Files Lawsuit Against London Metal Exchange for $15.3 Million for Nickel Trades Suspension & Cancellation
10th June 2022 | Hong Kong
Jane Street Global Trading, founded in 2000 by 3 traders and with around $15 billion trading capital (2021), has filed a lawsuit against London Metal Exchange (LME) for $15.3 million for nickel trades suspension and cancellation ~ London Metal Exchange (LME) is a subsidiary of Hong Kong Exchange Group (HKEX).
” Jane Street with $15 Billion Trading Capital Files Lawsuit Against London Metal Exchange for $15.3 Million for Nickel Trades Suspension & Cancellation “
HKEX: “As explained in LME Notice 22/057 published on 10 March 2022, during 7 March 2022 (UK time), significant upward price movements were observed in the nickel market. However, the LME considered that trading activity up to and including close of trading that evening had been orderly. In the early hours of 8 March 2022 (UK time) nickel prices then increased dramatically over a short period of time. After consultation with LME Clear, the LME took the decision to suspend trading in all nickel contracts with effect from 08:15 UK time and to cancel all trades executed on or after 00:00 UK time on 8 March 2022. This decision to suspend trading was taken because the nickel market had become disorderly. Cancellations were made retrospectively to take the market back to the last point in time at which the LME could be confident that the market was operating in an orderly manner. It should be stressed that the LME always acted in the interests of the market as a whole. LME nickel trading later resumed on 16 March 2022 on all LME execution venues. The claim seeks to challenge the decisions giving effect to and maintaining the cancellation of the Claimants’ alleged trades in nickel contracts executed on or after 00:00 UK time on 8 March 2022. The Claimants have alleged that this was unlawful on public law grounds and/or constituted a violation of the Claimants’ human rights. The amount claimed by the Claimants is US$456,391,500. The LME management is of the view that the claim is without merit and the LME will contest it vigorously.”
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