LME Fined £9.2 Million for Failings During Nickel Crisis
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The London Metal Exchange was fined £9.2 million ($11.9 million) for having inadequate systems and controls to deal with a massive short squeeze in the nickel market in 2022.
The fine, the first enforcement action the Financial Conduct Authority has ever taken against a UK exchange, comes after the LME sparked widespread fury by retroactively canceling $12 billion of nickel trades booked as prices spiked.