The UK's financial regulator fined the London Metal Exchange £9.2 million ($11.9 million) on Thursday over inadequate systems and controls to deal with a controversial spike in nickel prices in 2022.
The UK's financial regulator fined the London Metal Exchange £9.2 million on Thursday over inadequate systems and controls to deal with a controversial spike in nickel prices in 2022.
"The LME's systems and controls were not adequate to ensure orderly trading under conditions of severe market stress," the FCA said in a statement. Nickel, used in stainless steel and electric vehicle batteries, spiked on March 8, 2022, to a then-record high of $101,365 on a bad bet from a Chinese billionaire following Russia's invasion of Ukraine."London's metal markets are of vital importance to the UK and global economy," said Steve Smart, the FCA's joint executive director of enforcement.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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