FCA LME Fine Highlights Disorderly Market Control Weaknesses
The FCA has imposed its first ever fine on a recognised investment exchange, London Metal Exchange ("LME"), for failing to ensure its systems and controls were adequate to deal with severe market stress. This followed an unprecedented period of volatility in the nickel market in March 2022 in which, over the course of less than two days, the price of nickel on LME's electronic trading platform rose approximately 250%.
Clifford Chance
