On June 1, 2022, MFA submitted comments to the London Metal Exchange (LME) consultation on OTC position reporting. In the letter, MFA supports efforts to identify and address issues which may have contributed to the disorder in LME’s Nickel market in March 2022, and in particular the independent review which the LME will be undertaking in connection with these events. However, MFA also expresses significant reservations regarding LME’s proposed measures on OTC position reporting, highlighting it would be premature for LME to proceed with its proposals prior to the fuller reviews of the UK regulators and of the LME in the wake of the Nickel market disruptions.
