"Shambolic, shameful, scandalous, calamitous, ruinous or pick any word of your choosing. Today has been a shattering blow to all that love the LME and all those that use it to conduct their daily business."— Michael Marlowe, director at Hythe Bay Metals Ltd.
Incredible that the LME canceled all the trades done on Nickel yesterday to save some "market participants" !! $JPM #CCB
LME Chief Executive Officer Matt Chamberlain defended the decision, saying that some brokers would have struggled if the nickel trades had stood. [!!!]
"It would have been extremely difficult for some of our market participants to continue their activities," Chamberlain said in an interview with Bloomberg TV. "The ability of the financial system to get that money to the members in London and then into the exchange I think would have been significantly stressed."
"It would have been extremely difficult for some of our market participants to continue their activities," Chamberlain said in an interview with Bloomberg TV. "The ability of the financial system to get that money to the members in London and then into the exchange I think would have been significantly stressed."
Read the whole story on Bloomberg here:
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https://www.bloomberg.com/news/articles/2022-03-08/metal-traders-reel-as-nickel-chaos-recalls-market-s-darkest-days
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