Hedge fund Elliott Associates is exploring additional steps to take against the London Metal Exchange (LME) over the cancellation of nickel trades in March 2022, the firm confirmed on Monday, according to a report by Reuters.
The US-based hedge fund, which has already claimed damages of $456.4m, is challenging the LME’s decision to suspend nickel trading after prices surged to a record high of over $100,000 per tonne on 8 March, 2022. The LME subsequently voided all trades on that day.
This development comes after the UK’s financial regulator, the Financial Conduct Authority (FCA), last week fined the LME £9.2m for its mishandling of the nickel market, marking the first-ever enforcement action against a UK exchange.
In response, Elliott said it is “carefully reviewing the FCA’s Final Notice” and is considering what further action, if any, it may take in relation to the matter.
