Nickel odium: critics pan BoE role in LME meltdown

Last year’s nickel fiasco calls into question effectiveness of UK supervisory model – and of central bank’s part

Credit: montage/Getty

Since the nickel market debacle of 2022, the perception of the Bank of England as a clearing and market regulator has not been unalloyed.

The surge in nickel prices that led to the cancellation of nickel trades worth billions of dollars on the London Metal Exchange last March has raised questions about what the BoE knew, and when.

Over the course of three trading days, the price of nickel increased by 270%, and the LME argues that allowing these trades to stand would have led to the defaults of

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