LME tear-up may have averted ‘multiple defaults’

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London Metal Exchange’s decision to tear up a morning of nickel trades on March 8 after prices surpassed $100,000 a tonne may have averted “multiple defaults”, the exchange’s chief executive officer said this morning.

Matthew Chamberlain defended the exchange’s decision to suspend the market and cancel trades, repeating a claim made in an earlier interview with Risk.net that the market was “disorderly”. Some LME clearing members have been critical of the decision, suggesting it exposes

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