Towards the end of 2023, the Administrative Court handed down a judgment in R (on the application of Elliott Associates LP and others) v The London Metal Exchange and LME Clear Limited [2023] EWHC 2969 (Admin), rejecting a challenge to decisions made regarding the cancellation of nickel trades in a “disorderly market” in March 2022 and associated claims for damages. We consider key aspects of the decision and implications for the market.

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