The 18 Minutes of Trading Chaos on March 8 in London Metal Exchange That Broke the Nickel Market ...

LME to Reopen Nickel Market March 16 After Xiang Short Squeeze

Xiang Guangda, whose large short position roiled the market last week, has secured a standstill agreement to avoid further margin calls, reducing the risk that the squeeze is repeated when the market reopens. In a notice to members on Monday evening, the LME said that bank support for Xiang's Tsingshan Group Holding Co. "could suggest that the potential for further disorderly conditions may be mitigated."

The restart of trading -- scheduled for 8 a.m. London time on March 16 -- will cap one of the most dramatic weeks in metals-market history that has plunged the entire industry into chaos, briefly brought a handful of brokerages to the brink of failure, and raised existential questions about the future and role of the LME itself.

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'Sapere aude'