MFA Submits Complaint Letter to the London Metal Exchange on Nickel Contract Cancellations

On June 8, 2022, MFA submitted a complaint to the London Metal Exchange (LME) on their recent suspension of trading on its Nickel market and subsequent cancellation of Nickel contracts. MFA believes that the LME failed to perform its regulatory functions, and although the LME’s independent review of events in the Nickel market leading to the suspension is welcomed, MFA believes that there are a number of factors concerning the impact of LME’s actions on the market participants that must be addressed to ensure that MFA members and other market participants can continue to engage in LME markets with confidence.