BoE tells LME Clear to fix governance failings

London Metal Exchange entrance sign
The London Metal Exchange Building

The Bank of England has told the London Metal Exchange’s clearing arm to fix governance failings that may have contributed to a bout of market dysfunction in March 2022.

The BoE reviewed LME Clear’s actions around the March 8 incident, when the exchange halted trading on the nickel market, cancelled trades and suspended clearing. LME Clear and its parent LME appointed Oliver Wyman to conduct its own review.

“Collectively, these reviews pointed to several shortcomings across LME Clear’s

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