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LME Nickel Squeeze Puts Clearing Houses Under Spotlight

METALS
  • The London Metal Exchange adopted emergency measures to halt Nickel trading on Tuesday as prices doubled to more than $100,000 a tonne.
  • The rapid price increase was blamed on short-covering by one of the world's top producers as Western sanctions squeezed Russia, a major nickel producer. Traders said some holders of nickel positions had also struggled to pay margins to their clearing house. (Reuters)
  • "The current events are unprecedented," the LME said in a notice to members. "The suspension of the nickel market has created a number of issues for market participants which need to be addressed."
  • Regarding clearing houses - since the global financial crisis, regulators have pressurised more financial transactions to be backed by clearing houses in an attempt to enhance transparency, making clearers bigger in size.
  • Critics have expressed the opinion that now the clearing houses, rather than banks, have become "too big to fail", meaning that taxpayers might have to bail them out if one of them went bust to avoid contagion given their myriad connections across financial markets.
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