Bloomberg Law
December 16, 2022, 4:07 PM UTC

Hedge Funds Say They Lost $95 Million in LME Nickel Crisis (1)

Katharine Gemmell
Katharine Gemmell
Bloomberg Editorial
Mark Burton
Mark Burton
Bloomberg News

A group of hedge funds led by <-bsp-bb-link state="{"bbHref":"bbg://securities/499078Z%20US%20Equity","_id":"00000185-1bb8-dfe1-abbf-7bfcb06f0001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">AQR Capital Management LLC said that they lost a combined $95 million during a turbulent few days when the <-bsp-bb-link state="{"bbHref":"bbg://securities/1537986Z%20LN%20Equity","_id":"00000185-1bb8-dfe1-abbf-7bfcb06f0002","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">London Metal Exchange controversially canceled billions of dollars in nickel trades and suspended the market.

The group of funds on Friday applied to force LME to hand over information relating to two key phone calls on March 8, the day that the trades were canceled. AQR Chief Investment Officer Clifford Asness has been among the most vocal critics of the LME’s actions during the crisis, describing the events as “one of the worst things ...

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