Another investment firm has decided to sue the London Metal Exchange over nickel trade cancellations in March.
Shortly after Elliott Associates decided to take LME to court earlier this week, fellow U.S.-based investment firm Jane Street Global Trading has done the same and sued the HKEX-owned commodities bourse for $15.3 million, according to a statement.
«[The decision to cancel nickel trades] during a period of heightened volatility severely undermines the integrity of the markets and sets a dangerous precedent that calls future contracts into question,» said Jane Street which specializes in quant trading.
«Without Merit»
Jane Street is the second firm to file legal proceedings against LME following trade cancellations on March 8 when nickel prices more than doubled in a matter of hours.
In response, HKEX issued a similarly worded statement that called Jane Street’s claims to be «without merit», adding that the LME will «contest it vigorously».
