BoE tells LME Clear to fix governance failings
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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial Stability
MAS set to build digital platform to tackle financial crimes
Central bank will develop an information-sharing platform with six leading banks
Eurozone banks not directly hit by US stress, says Enria
Head of ECB supervision says mid-sized US banks enjoy more lenient stress tests
Yellen flags ‘contagious bank run’ risk
US Treasury secretary pledges small banks will gain 100% deposit insurance if needed
How Finma milked Credit Suisse’s CoCos to close UBS deal
An unusual clause in Swiss AT1 bonds allowed them to be written off, but could others follow suit?
ECB questions Credit Suisse bond bail-in
Swiss government, SNB and Finma organise rescue of troubled lender that pays out to equity-holders
Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
Apac central banks reassure amid Credit Suisse woes
Central banks in Australia, Singapore and Hong Kong say banking systems remain stable
US banks tap $11.8 billion from new Fed facility
Fed set up Bank Term Funding Program in wake of Silicon Valley Bank’s collapse