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Jane Street Global Sues The LME For $15.3 Million Due to The Cancellation of Nickel Deals

Aria Thomas

Jun 07, 2022 11:02

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Jane Street Global Trading, located in the United States, has sued the London Metal Exchange for $15,3 million due to the cancellation of nickel deals in March. This is the second lawsuit the London Metal Exchange has faced this week.


The LME, which is controlled by Hong Kong Exchanges and Clearing, is being investigated by authorities after it paused operations and canceled nickel contracts on March 8 owing to volatility that caused prices to double within hours to more than $100,000 per tonne.


A Jane Street official stated in a statement that the move to cancel nickel deals "during a moment of heightened volatility seriously undermines the integrity of the markets and establishes a hazardous precedent that throws future contracts into doubt."


The Hong Kong bourse said in a statement that the LME viewed the U.S. quantitative fund and market maker's allegation to be "without merit and that the LME would fiercely oppose it."


Monday, the LME said it was being sued for $456 million by hedge fund Elliott Associates for canceling nickel deals.


HKEX issued a similar statement in response to the Elliott lawsuit, asserting that the LME had to intervene to safeguard the whole market when trading got chaotic.

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