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London Metal Exchange faces its second lawsuit in a week for $15.3 million from U.S.-based Jane Street Global Trading, following the cancellation of nickel trades in March, reported Reuters.
A Jane Street representative stated that canceling nickel trades "at a period of heightened volatility severely undermines the integrity of the markets and sets a dangerous precedent that calls future contracts into question."
Related: Elliott Management Files Lawsuit Against London Metal Exchange Over Canceled Nickel Trades: WSJ
In a statement, the Hong Kong bourse said that the allegation by the US quantitative fund and market maker was "without merit, and the LME will vigorously contest it."
