Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. Hong Kong Exchanges and Clearing Limited
  6. News
  7. Summary
    388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

(388)
  Report
Delayed Hong Kong Stock Exchange  -  04:08 2022-09-28 am EDT
273.40 HKD   -2.64%
04:00aFutures Wrap : LME Scrap Contracts See Gains, Near-Term Backwardation Shifts Into Soft Contango
AQ
09/21APAC Monthly Private Wealth Legal Developments – September 2022
AQ
09/16Li Auto President Offloads $381 Million More Stake in EV Maker
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Hedge fund Elliott, Jane Street invoke Human Rights in LME nickel lawsuit

07/14/2022 | 01:26pm EDT
FILE PHOTO: Traders work on the floor of the London Metal Exchange

LONDON (Reuters) - U.S. hedge fund Elliott Associates and Jane Street Global Trading are invoking the Human Rights Act as they seek to sue the London Metal Exchange (LME) for a combined $472 million over its decision to cancel nickel trades in March.

The nickel trading debacle is the biggest crisis to hit the world's oldest metals forum in decades.

Elliott and Jane Street, which are demanding damages of $456.4 million and $15.34 million respectively, are seeking a judicial review after the nickel price topped a record of $100,000 per tonne on March 8, prompting the LME's suspension of nickel trading and voiding of trades.

The two groups allege the LME acted unlawfully, breached its published policies, was disproportionate, favoured some market participants over others and violated their rights under the European Convention of Human Rights to the "peaceful enjoyment" of possessions, documents filed with London's High Court show.

The LME, which is owned by Hong Kong Exchanges and Clearing, is resisting the claims, saying unprecedented market conditions caused a "disorderly" market and that it wanted to protect stability and integrity and avoid multiple defaults.

The LME is expected to file a more detailed response if London's High Court grants permission for a judicial review.

The case will test the LME's rules, which Elliott alleges lack clarity, guidance and precedence about when the exchange can use its cancellation powers - unlike the clear and detailed provisions about procedures that apply in the event of a default.

On the morning of March 8, the LME calculated that traders with short positions would have had to deposit a total of $19.7 billion in cash or collateral with the exchange's clearing house, LME Clear, to cover potential losses in the event of a default by an LME member bank or broker, the court documents seen by Reuters show.

"The action which the LME took was within its powers, and those powers were exercised fairly," an LME spokesman said on Thursday. "At all times, the LME sought to act in the interests of the market as a whole.

"The LME therefore continues to consider that Elliott's and Jane Street's grounds for complaint are without merit, and the LME will defend any judicial review proceedings vigorously."

Elliott declined to comment. Jane Street did not have any immediate comment.

(Reporting by Kirstin Ridley and Pratima Desai. Editing by Jane Merriman)

By Kirstin Ridley and Pratima Desai


© Reuters 2022
All news about HONG KONG EXCHANGES AND CLEARING LIMITED
04:00aFutures Wrap : LME Scrap Contracts See Gains, Near-Term Backwardation Shifts Into Soft Con..
AQ
09/21APAC Monthly Private Wealth Legal Developments – September 2022
AQ
09/16Li Auto President Offloads $381 Million More Stake in EV Maker
MT
09/14Analysis-Industrial users flee LME nickel, deepening market fissures
RE
09/14Hong Kong exchange considers lowering threshold for hard-tech listings
RE
09/14Nomura Adjusts Hong Kong Exchanges and Clearing's Price Target to HK$388.02 From HK$412..
MT
09/05Nickel meltdown puts spotlight on LME's search powers
RE
09/02Towngas Joins Hong Kong International Carbon Market Council
AQ
08/30HONG KONG EXCHANGES AND CLEARING LIMITED : Ex-divid..
FA
08/24Hong Kong Stock Market to Resume Trading in Afternoon Session
MT
More news
Analyst Recommendations on HONG KONG EXCHANGES AND CLEARING LIMITED
More recommendations
Financials
Sales 2022 18 699 M 2 382 M 2 382 M
Net income 2022 10 715 M 1 365 M 1 365 M
Net cash 2022 21 149 M 2 694 M 2 694 M
P/E ratio 2022 32,6x
Yield 2022 2,82%
Capitalization 346 B 44 077 M 44 077 M
EV / Sales 2022 17,4x
EV / Sales 2023 13,0x
Nbr of Employees 2 146
Free-Float 94,1%
Chart HONG KONG EXCHANGES AND CLEARING LIMITED
Duration : Period :
Hong Kong Exchanges and Clearing Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends HONG KONG EXCHANGES AND CLEARING LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 27
Last Close Price 273,40 HKD
Average target price 402,08 HKD
Spread / Average Target 47,1%
EPS Revisions
Managers and Directors
Alejandro Nicolas Aguzin Chief Executive Officer & Executive Director
Bik Yun Lau Group Chief Financial Officer
May Lung Cha Non-Executive Chairman
Chung Kwong Leung Group Chief Technology Officer
Trevor William Spanner Group Chief Information Officer
Sector and Competitors