Home Finance LME appoints Oliver Wyman to review events that led to nickel suspension

LME appoints Oliver Wyman to review events that led to nickel suspension

by Enochadmin

Merchants work on the ground of the London Steel Change in London, Britain, September 27, 2018. REUTERS/Simon Dawson

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LONDON, June 23 (Reuters) – The London Steel Change mentioned on Thursday it had appointed Oliver Wyman to hold out an unbiased evaluation of occasions that led to the suspension of nickel buying and selling in March.

The change suspended nickel buying and selling on March 8 after costs spiked by greater than 50% to hit $100,000 a tonne. Exercise resumed on March 16 when the change launched each day value limits and the availability of OTC nickel buying and selling information.

“The unbiased evaluation will evaluation the components that contributed to market situations… within the interval main as much as, and together with, 8 March 2022 and make suggestions to scale back the chance of comparable occasions occurring,” the change mentioned in a launch.

The evaluation is not going to cowl the decision-making processes and governance preparations on the LME and at its clearing home, LME Clear, it mentioned.

Choice-making and governance can be part of the regulatory opinions to be undertaken by the UK Monetary Conduct Authority and the Financial institution of England.

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Reporting by Pratima Desai; enhancing by John Stonestreet and Barbara Lewis

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