London Metal Exchange Retains Oliver Wyman and NERA to Conduct Independent Review

13 July 2022

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

NERA Economic Consulting ( is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For more than six decades, we have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real-world industry experience to issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA’s clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world’s largest economic consultancies. Continuing our legacy as the first international economic consultancy, NERA serves clients from major cities across North America, Europe, and Asia Pacific.