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The Financial Conduct Authority (FCA) has imposed a fine of £9.2 million ($11.9 million) on the London Metal Exchange (LME) due to inadequate systems and controls that failed to address a significant short squeeze in the nickel market in 2022. This penalty, announced on March 20, 2025, comes three years after the crisis that reportedly could have cost the market up to $20 billion. The FCA stated that the LME's failures undermined market orderliness and contributed to a sudden surge in nickel prices. The regulator has faced criticism for its own handling of the situation, with ongoing questions regarding its oversight during the crisis.
COLUMN: The 2022 nickel crisis could have cost $20 billion. The UK financial regulator has fined the London Metal Exchange (LME) for its failures -- well done. But it feels like false closure. The regulator itself has questions to answer. @Opinion https://t.co/oaWDmAORw6
The 2022 nickel crisis could have cost $20 billion. The FCA still has questions to answer, @JavierBlas writes https://t.co/DQgQn84bVE via @opinion
The Financial Conduct Authority said Thursday that it has fined the London Metal Exchange £9.2 million ($11.9 million) for failures in 2022 that "undermined the orderliness" of the market and led to a sudden surge in nickel prices. https://t.co/kAtxg210y4
