Whichever side wins, in the case that wrapped up three days of hearings on Thursday in the wake of a chaotic spike in nickel prices in March last year, the stakes are huge for London’s status as a major global financial centre.

Below are some of the major developments in the crisis:

2022

March 8 – LME halts nickel trading and cancels trades after prices double to more than $100,000 per tonne in a matter of hours. On March 16 it resumes nickel contract trading with a fixed price-range limit.

April 4 – British financial regulators launch a probe into how the LME handled the halt in nickel trading. LME says it will commission an independent review into the events.

June 23 – LME appoints management consultant Oliver Wyman to carry out an independent review.

2023

March 3 – Financial Conduct Authority says it has launched an “enforcement investigation” of the LME, while the Bank of England says it will name an independent monitor for the LME’s clearing house.

March 22 – Nickel delivered by warehouse firm Access World to commodity traders Trafigura and Stratton Metals turned out to be stone, sources say.

March 27 – LME nickel trading resumes during Asian hours after the exchange found no further “irregularities” after an inspection of all bagged nickel warrants in LME-licensed warehouses.

March 30 – LME launches measures to revive its nickel contract, including plans to cut waiting times and scrap fees for new brands of nickel that can be delivered against its contract.

May 31 – LME launches two consultations on its planned nickel market reforms.

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