Jane Street Global has filed a $15.3 million lawsuit against the LME

• Jane Street Global Trading has sued the London Metal Exchange for $15.3 million.
• The LME suspended activity and cancelled nickel trades on March 8 due to volatility.
• Volatility saw prices double to more than $100,000 a tonne within hours of suspension.

U.S.- based Jane Street Global Trading has sued the London Metal Exchange LME for $15.3 million following the dropping of nickel exchanges March – the second such lawful case it has confronted for the current week.

The LME, which is claimed by Hong Kong Exchanges and Clearing (0388.HK), is being tested by controllers after it suspended movement and dropped nickel exchanges on March 8 because of unpredictability that saw costs twofold to more than $100,000 a ton in no time.

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The choice to drop nickel exchanges “during a time of uplifted unpredictability seriously subverts the respectability of the business sectors and starts a perilous trend that raises doubt about future agreements,” a Jane Street delegate said in an explanation.

The Hong Kong bourse said in an explanation that the LME thought about the case by the U.S. quantitative asset and market creator to be “without merit and the LME will challenge it vivaciously”.

On Monday, the LME said it was being sued by speculative stock investments Elliott Associates for $456 million for dropping nickel exchanges.

HKEX offered a comparable expression because of the Elliott suit, saying the LME needed to make a move to safeguard the market overall while exchanging became confused.

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