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The London Metal Exchange (LME) retained Oliver Wyman and its subsidiary, NERA Economic Consulting, to conduct an independent review of the events resulting in a week-long nickel market suspension beginning on 8 March 2022.

The independent review will focus on the broader events in the nickel market leading up to the suspension of trading to identify any actions that could be taken to minimize the risk of a similar situation arising in the future. The scope of the review will cover current practices and future recommendations in the LME Group’s market structure; trading rules and trading controls on the LME; physical contract specifications and broader links to the physical market; and risk management policies and practices, the clearing model, and collateralization levels of the LME.

NERA Managing Director and commodities expert Adam Warren will support the review using his long experience in market investigations, focusing on market microstructure and trade analysis. The final report is expected to be published in December 2022.

Mr. Warren specializes in financial services industry issues with an emphasis on financial, commodity, and complex derivative instruments; trading systems and processes; financial markets and exchanges; technology and operations; and market, credit, and operational risk management of financial, derivative, and commodity products.

About NERA

Since 1961, NERA has provided unparalleled guidance on the most important market, legal, and regulatory questions of the day. Our work has shaped industries and policy around the world. Our field-leading experts and deep experience allows us to provide rigorous analysis, reliable expert testimony, and data-powered policy recommendations for the world’s leading law firms and corporations as well as regulators and governments. Our experience, integrity, and economic ingenuity mean you can depend on us in the face of your biggest economic and financial challenges.