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LME CEO Matthew Chamberlain to stay as bourse recovers from nickel chaos

  • Matthew Chamberlain had announced plans to leave in May for Komainu, a custody business for digital assets
  • Decision to stay follows a chaotic period that saw nickel trades cancelled, week-long suspension

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London Metal Exchange CEO Matthew Chamberlain speaks during LME Asia Week in Wan Chai in 2018. Photo: Xiaomei Chen
Chad Brayin London
London Metal Exchange CEO Matthew Chamberlain will stay in his role, abandoning a plan to leave in May as the 145-year-old bourse tries to recover from a chaotic period in nickel trading that tarnished its reputation, the exchange said on Wednesday.

Chamberlain announced in January that he was planning to step down next month for a top role at Komainu, a custody business for cryptocurrencies and other digital assets backed by digital asset firm CoinShares, crypto-wallet company Ledger and Nomura.

“Events of recent weeks have brought into focus the importance of the LME and the metals markets,” Chamberlain said in a statement. “I want to continue to work with the team on supporting the long-term health and efficiency of the market and drive forward the sustainable development of our industry.”

The decision comes after a challenging period for the LME, which is owned by bourse operator Hong Kong Exchanges & Clearing (HKEX), after it was forced to cancel trades and suspend nickel trading for a week in early March as a surge in prices threatened to destabilise the market amid a short squeeze that triggered billions of dollars in margin calls.

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Nickel prices, alongside other commodities, surged in early March following Russia’s invasion of Ukraine and concerns about supply shortages.

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