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The Financial Conduct Authority today announces an update to its April 2022 statement regarding the London Metal Exchange’s suspension of its nickel market.
Commenting on the FCA's statement, Jennifer W. Han, Executive Vice President, Chief Counsel & Head of Global Regulatory Affairs at the Managed Funds Association, said:
“Consecutive investigations into the March 2022 nickel crisis have now concluded that the LME failed in its responsibility to run orderly markets, manage conflicts of interest, and protect investors in the nickel market.
"We welcome the fact that the Bank of England and the Financial Conduct Authority are now taking action to probe the LME and address shortcomings.
"Investor confidence in the LME was badly shaken by the crisis and must be rebuilt. Alternative asset managers require sound and predictable markets to deliver reliable returns for institutional investors such as pensions, especially during times of market volatility."
