London Metal Exchange chair steps down after nickel shambles
>
London Metal Exchange chairman steps down after nickel mess: Gay Huey Evans will not stand for re-election and will leave as soon as a replacement is found
<!–
<!–
<!–<!–
<!–
<!–
<!–
The London Metal Exchange (LME) loses its chairman over the fallout from the scandal on the nickel market.
The exchange said Gay Huey Evans, 68, who in December 2019 became the first woman to become president of the LME, will not be seeking re-election this year and will step down once a replacement is found.
Challenge: Serious questions have been raised about the exchange’s oversight of the market
Her exit is the oldest exit since the nickel crisis last March, when a massive short squeeze resulted in the market closing for a week and the cancellation of billions of dollars worth of trades.
The decision to cancel the trades caused an uproar among investors who lost and Elliott, the aggressive US activist hedge fund, is suing the LME.
The incident left the credibility of the 146-year-old LME in tatters and senior management was criticized for its handling of the crisis.
Serious questions have been raised about the exchange’s oversight of its market and the Bank of England’s Financial Conduct Authority and Prudential Regulation Authority are looking into this.
The LME has also commissioned its own independent study, the results of which will be published within days.
Well known in the financial community, Huey Evans was appointed after a 30-year career that included positions at the Financial Services Authority and the Financial Reporting Council.