Dark days at the LMEMMs and brokers are royally pissed off at the LME paper metal clownshow.
>>>But many brokers criticized the decision to first allow the market to open Tuesday and then roll back the deals that were done. “Shambolic, shameful, scandalous, calamitous, ruinous or pick any word of your choosing,” said Michael Marlowe, director at Hythe Bay Metals Ltd. “Today has been a shattering blow to all that love the LME and all those that use it to conduct their daily business.”.For brokers on the LME, one of the few remaining places in the world where traders still gather in an open outcry pit to bark orders at one another, Tuesday’s drama was a throwback to the exchange’s darkest days. ..“You just can’t do what LME did,” Alex Gerko, the founder of XTX Markets, a leading electronic market-maker on the bourse, said on Twitter. In a subsequently deleted tweet, he said it was “the end of the market”.
https://www.bnnbloomberg.ca/metal-traders-reel-as-nickel-chaos-recalls-market-s-darkest-days-1.1734642