Business

London Metal Exchange CEO to Stay, a Reversal From Planned Departure


Matthew Chamberlain, right here in 2018, will stay as chief govt officer of the London Metal Exchange.



Photo:

Anthony Kwan/Bloomberg News

HONG KONG—London Metal Exchange Chief Executive

Matthew Chamberlain

will stay in his place, a shock reversal after he introduced exit plans earlier this 12 months.

Mr. Chamberlain, a former funding banker who has run LME since 2017, had mentioned in January that he would depart on the finish of April to run a cryptocurrency startup. That was earlier than Russia’s invasion of Ukraine in late February upended the worldwide metals markets and triggered a nickel-trading fiasco on the LME.

The LME, a unit of

Hong Kong Exchanges and Clearing Ltd.


388 -0.12%

, suspended buying and selling of nickel contracts for greater than per week in March, after an unprecedented surge in costs saddled some market contributors—together with a Chinese nickel big—with heavy losses.

It was the primary time the LME froze buying and selling for a metallic for the reason that collapse of a global tin cartel in 1985, and the 145-year-old change got here below heavy criticism from merchants for the best way it dealt with the disaster.

“Events of recent weeks have brought into focus the importance of the LME and the metals markets,” Mr. Chamberlain mentioned Wednesday. He mentioned he needs to assist “the long-term health and efficiency of the market” as he stays in his publish.

Nicolas Aguzin,

chief govt of HKEX, mentioned he was happy with Mr. Chamberlain’s resolution to stick with the corporate after “his handling of the unprecedented developments in the nickel market.”

More to come back.

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