In a statement the LME said that it had taken active steps to enhance nickel market liquidity and transparency.
"The LME will cooperate fully with this process and will continue to take the appropriate steps to ensure the long-term health, efficiency and resilience of its market," the LME added.On Friday the Bank of England separately said its reviews had pointed to several shortcomings at LME clearing house LME Clear, adding it would name an independent monitor to assess and report on its remedial actions.
In its statement, the FCA said the LME had implemented changes to its control framework and had committed to a wider package of market reform, adding it was encouraged by its focus on transparency. Last June the LME appointed management consultants Oliver Wyman to carry out a review of the nickel trading debacle last June. The exchange has said it would communicate an implementation plan for the review's recommendations by the end of March.from U.S. hedge fund Elliott Associates and Jane Street Global Trading, which are suing the exchange for $456 million and $15.3 million respectively for the cancelled nickel trades.
Reporting by Iain Withers and Eric Onstad; Additional reporting by William Schomberg; Editing by Veronica Brown, Jason Neely and Jan Harvey