Why Skills-First Leadership Is Replacing the Ivy League Playbook in the C-Suite
05/23/2025
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The old prestige pyramid—where Ivy League degrees and blue-chip consulting backgrounds paved the way to the CEO seat—is cracking.
June 7, 2022: -Fund manager Elliott Associates has sued London Metal Exchange for $456 million after the suspension and cancellation of nickel trades on the platform held by Hong Kong Exchanges and Clearing Ltd, the Hong Kong bourse said on Monday.
LME and LME Clear Limited have been called defendants in a judicial review claim filed in a British court by Elliott Associates and Elliott International this month, LME’s parent HKEX said in a filing.
The hedge fund seeks to challenge LME’s decision to withdraw its trades in nickel agreements executed on or after 00:00 British time on March 8, the filing says.
The LME suspended activity and compensated nickel trades on March 8 due to volatility that saw prices double to over $100,000 a tonne within hours.
A spate of technical glitches after trading resumed on March 16 left traders fuming.
According to the filing, Elliot Associates argues the trade cancellation was “unlawful on public law grounds” and “constituted a violation” of its rights.
HKEX said the LME dismissed the claim in its statement. “The LME management believes that the claim is without merit, and the LME will contest it vigorously,” HKEX said.
HKEX shares were up 0.6% by 0400 GMT, slightly underperforming, while the broader market index was up over 1%.
The LME has come under the spotlight from European regulators following the nickel trading debacle. It has shown regulators and industry players to call for greater scrutiny on opaque corners of the commodities market.
In the previous month, the LME proposed measures to improve transparency and stability in the over-the-counter (OTC) metals market, including additional frequent disclosures of all positions.
Its rival CME Group has begun talking to market participants about the idea of a cash-settled nickel contract for companies; sources told Reuters last month.
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