Elliott Associates, the US hedge fund, has lost its lawsuit against the London Metal Exchange (LME) over nickel trading cancellation. Last year, Elliott and Jane Street Global Trading demanded a review of LME's nickel market during a crisis and claimed $470m in compensation. However, a UK court ruled in favour of LME. The exchange has since announced a two-year reform plan, offering a fast-track listing for new Class I nickel products, and launching new Class II nickel spot market products in China. The move is expected to have a significant impact on the industry.
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