First FCA enforcement action and fine against a Recognised Investment Exchange 20/03/2025

"On March 3, 2023, the Financial Conduct Authority (FCA) launched an investigation into the London Metal Exchange (LME). The investigation was prompted by extreme volatility in LME's nickel futures contract between March 4-8, 2022, which resulted in a significant price increase of over $100,000." "The FCA has fined the LME £9.2 million for failing to ensure its systems and controls were adequate to deal with severe market stress."