/biz/ - Business & Finance

dat internalization candle kek

https://www.reuters.com/markets/commodities/lme-had-options-avoid-quashing-nickel-trades-hedge-fund-tells-high-court-2023-06-20/

we are bigger than nickel, shrimple as

my fav outtakes:
Elliott and Jane Street say surging prices were fueled by an LME operations team removing nickel price bands during Asian trading, but the LME says this was not significant.

The 146-year-old exchange has said it was justified in closing the market and cancelling trades because $19.7 billion of margin calls would otherwise have led to the bankruptcy of multiple clearing members and created systemic market risk.

"The claims involve an attack on the expert, multi-factorial decision-making of a specialist body... involving complex judgement calls made with the utmost urgency in a unique and fast-moving situation," the LME's lawyers said.

They said fresh analysis has shown the situation was "even more dire than it appeared at the time", with losses on defaulting positions at $2.6 billion, putting the LME's default fund $220 million in the red.

bigger money eating big money now

tick tock