Hedge funds have cut back positions in some markets that they fear could suddenly become difficult to transact in, following the London Metal Exchange’s decision to void thousands of nickel trades.
The LME’s move in March to cancel eight hours’ worth of trades has pushed a number of hedge funds to reassess the risk they face across their portfolios from human interference upending their positions.
The exchange stepped in to halt a squeeze on a short seller and protect other users from heavy losses after the price of nickel soared by 250 per cent in just a couple of days, to $100,000 a tonne.
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