From Breakingviews: European metal trading is getting an overdue spring clean, writes gfhay
For the reviews to be credible, there needs to be a frank admission of what went wrong. One big problem is that LME bosses could only see aof Tsingshan’s overall short position, because the group had entered into “over-the-counter” deals with various banks conducted off the exchange. With better disclosure, the LME might have understood Tsingshan’s true exposure, and could have taken steps to limit losses in advance.
- In a statement, the FCA said it wanted “to determine what lessons might be learned in relation to the LME’s governance and market oversight arrangements”.
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