The head of the London Metal Exchange spent just 20 minutes on his mobile phone scrolling for news and watching nickel prices lurch higher last year before deciding the market was disorderly and later halting trading, according to a High Court document.
Jane Street's document, filed on March 3 and seen by Reuters on Friday, gives the most detailed account yet of decision-making at the 146-year-old LME one year ago.
Later, between 7:30 a.m. and 07:55 a.m. on March 8, an LME meeting was held online, which formally took the decision to suspend trading, according to the court document. The next day, however, when nickel prices skyrocketed, the committee did not meet, the document said. The LME, when Jane Street queried that, stated that the trading operations team “was not concerned with whether the market was functioning in an orderly manner”, according to the document.
No equivalent opportunity to have such discussions was given to other market participants whose economic interests would be damaged, the filing alleged.Chamberlain also received a proposal from Gavin Prentice, chair of the LME User Committee, that the LME shut the market for 24-48 hours to allow margin calls to be made and reopen with a 10% price cap, the document said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: BART Inspector General Resigns, Accuses Top Leaders of Repeatedly Impeding Watchdog RoleBART Inspector General Harriet Richardson sat down with Senior Investigative Reporter Bigad Shaban for her first interview since announcing her resignation.
Read more »
EXCLUSIVE: Louis Vuitton Is Heading to Italy for Next Cruise ShowLouis Vuitton is heading to a small, storied island in Italy for its cruise show in May — after an important pit stop in Seoul at the end of April to parade its pre-fall collection, WWD has learned.
Read more »
Exclusive: Australia expected to buy up to 5 Virginia class submarines as part of AUKUSExclusive: Australia is expected to buy up to five U.S. Virginia class nuclear powered submarines in the 2030's as part of a landmark defense agreement between Washington, Canberra and London, four U.S. officials said
Read more »
Exclusive: Trump publishing private letters from Oprah, other celebrities in new bookEXCLUSIVE: Former President Trump, in a new book, plans to reveal 150 private letters sent to him — including one from Oprah Winfrey in 2000 in which she says: 'Too bad we're not running for office. What a team!'
Read more »
WSJ News Exclusive | Baidu Scrambles to Ready China’s First ChatGPT Equivalent Ahead of LaunchEmployees working round-the-clock say Baidu's AI chatbot, China's first ChatGPT equivalent, is still in training mode ahead of a planned March 16 rollout
Read more »
Exclusive: U.S. probe of beagle breeder Envigo scrutinizes top animal welfare officials' inactionTop animal welfare officials at the U.S. Department of Agriculture (USDA) were subpoenaed last year by a federal grand jury seeking to establish why they took no action against animal research breeder Envigo , despite repeatedly documenting the mistreatment of thousands of beagles, according to several people familiar with the matter.
Read more »