The London Metal Exchange (LME) is to lose its chairman as it grapples with the fallout from the nickel market scandal.
The exchange said Gay Huey Evans, 68, who became the first woman to chair the LME in December 2019, will not seek re-election this year and will step down once a replacement has been found.
Challenge: Serious questions have been raised about the exchange’s oversight of its market
Her exit is the most senior departure since the nickel crisis last March, when a giant short squeeze resulted in the closure of the market for a week and the cancellation of billions of dollars worth of trades.
The decision to cancel the trades caused uproar among investors who lost out and Elliott, the aggressive American activist hedge fund, is suing the LME.
The incident left the 146-year-old LME’s credibility in tatters and senior management was lambasted for its handling of the crisis.
Serious questions have been raised about the exchange’s oversight of its market and the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating.
The LME also commissioned its own independent inquiry, the results of which are due to be published within days.
Huey Evans is well known in financial circles and was appointed after a 30-year career that has included roles at the Financial Services Authority and the Financial Reporting Council.
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