AVN 63.94 Decreased By ▼ -1.02 (-1.57%)
BAFL 29.95 Decreased By ▼ -0.30 (-0.99%)
BOP 4.64 No Change ▼ 0.00 (0%)
CNERGY 3.88 No Change ▼ 0.00 (0%)
DFML 13.40 Decreased By ▼ -0.15 (-1.11%)
DGKC 40.64 Decreased By ▼ -1.56 (-3.7%)
EPCL 47.01 Increased By ▲ 1.20 (2.62%)
FCCL 10.99 Decreased By ▼ -0.42 (-3.68%)
FFL 5.05 Decreased By ▼ -0.12 (-2.32%)
FLYNG 5.76 Decreased By ▼ -0.04 (-0.69%)
GGL 9.78 Decreased By ▼ -0.26 (-2.59%)
HUBC 61.85 Decreased By ▼ -1.45 (-2.29%)
HUMNL 5.66 Decreased By ▼ -0.09 (-1.57%)
KAPCO 27.52 Decreased By ▼ -0.31 (-1.11%)
KEL 2.14 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.23 Decreased By ▼ -1.10 (-4.34%)
MLCF 20.78 Decreased By ▼ -0.79 (-3.66%)
NETSOL 83.19 Decreased By ▼ -1.80 (-2.12%)
OGDC 86.27 Increased By ▲ 0.04 (0.05%)
PAEL 10.78 Decreased By ▼ -0.14 (-1.28%)
PIBTL 4.11 Decreased By ▼ -0.12 (-2.84%)
PPL 76.26 Decreased By ▼ -2.26 (-2.88%)
PRL 13.66 Increased By ▲ 0.04 (0.29%)
SILK 0.88 Decreased By ▼ -0.01 (-1.12%)
SNGP 40.86 No Change ▼ 0.00 (0%)
TELE 5.87 Decreased By ▼ -0.13 (-2.17%)
TPLP 15.61 Decreased By ▼ -0.39 (-2.44%)
TRG 109.97 Decreased By ▼ -1.73 (-1.55%)
UNITY 13.80 Decreased By ▼ -0.19 (-1.36%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 3,967 Decreased By -58.9 (-1.46%)
BR30 14,185 Decreased By -217.7 (-1.51%)
KSE100 39,871 Decreased By -579.3 (-1.43%)
KSE30 14,898 Decreased By -212.2 (-1.4%)
Follow us

LONDON: A second US trading firm has filed suit against the London Metal Exchange for suspending nickel trading during huge surge in prices in March, the LME said Tuesday.

Hong Kong Exchange and Clearing Limited (HKEX), LME’s owners confirmed the lawsuit, filed by Jane Street, a day after it announced that another US firm, Elliott Management, had launched its own legal case.

Both firms are contesting the LME’s decision to cancel all trades made on March 8 and temporarily halt trading.

The surge in prices came in the early stages of Russia’s invasion of Ukraine, triggering chaos because of concerns about supplies from Russia, the world’s third-biggest producer of the industrial metal.

US fund sues London Metal Exchange over nickel trade halt

LME’s decision left nickel at a record high at $48,002 per tonne, set on March 7.

Jane Street is claiming $15.34 million in compensation, said HKEX. Jane Street itself has not yet responded to an AFP request for information.

Elliott Management said on Monday it was seeking $456 million in compensation.

HKEX has said it will contest both claims, which it says are groundless.

Comments

Comments are closed.

Another US company sues LME over halt in nickel trade

Rupee closes at fresh low of 269.63 against US dollar as the great fall continues

KSE-100 falls over 500 points in aftermath of Peshawar blast

Pakistan facing adverse consequences of Ukraine conflict: FM Bilawal

Islamabad Court sends Fawad to jail on judicial remand

UAE president’s visit to Islamabad postponed over ‘bad weather’

SBP says it recognises cost of monetary tightening, but curbing inflation essential

Inflation to cross 30% as rupee depreciation, petrol prices bite: report

Oil slips as rate hikes loom and Russian flows stay strong

Sheikh Rashid’s Lal Haveli residence sealed over ‘illegal occupation’

Asif Ali Zardari sends legal notice to Imran Khan over ‘assassination’ remarks