Page 43 - 期货和衍生品行业监管动态（2025年3月刊）
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期货和衍生品行业监管动态
提出的商品衍生品监管框架进行全面市场改革。
FCA 执法与市场监管联合执行董事 Steve Smart 表示：
“伦敦金属市场对英国及全球经济至关重要。我们期望其控制措施与其重要
性相匹配。LME 本应更好地应对极端波动带来的重大风险。”
这是 FCA 首次对英国认可投资交易所采取执法行动。
LME 接受了调查结果，因此获得 30%的罚款减免。
FCA 于 2023 年 3 月 3 日宣布对 LME 展开调查，认定存在需要采取行动的
特殊情况。此项调查完成速度显著快于 2023/24 年度已结案调查的平均时长。
First FCA Enforcement Action and Fine Against a Recognised Investment
Exchange (2025/3/20)
The FCA has fined the London Metal Exchange (LME) £9.2 million for failing
to ensure its systems and controls were adequate to deal with severe market stress.
Between 4 and 8 March 2022, the price of LME’s 3-month nickel futures
contract encountered extreme volatility. This culminated in the early hours of 8 March
2022 when its price rose to over $100,000, more than double the closing price on 7
March 2022, with most of the rise occurring in little over an hour. These events
undermined the orderliness of and confidence in LME’s market.
The LME suspended its nickel market for 8 days and cancelled all nickel trades
that took place on 8 March.
The LME’s systems and controls were not adequate to ensure orderly trading
under conditions of severe market stress. In particular, LME did not have adequate
controls or policies relating to the operation of its automatic volatility controls, its
‘price bands’.
Decisions about market orderliness could only be taken by designated senior
managers, but LME’s processes for escalating unusual or hazardous market conditions
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