By Eric Onstad
LONDON -The London Metal Exchange (LME) Chief Executive Matthew Chamberlain will stay in his post and not depart at the end of April as expected, the exchange said on Wednesday.
Chamberlain’s decision to stay with the LME and not join a cryptocurrency firm as announced in January came after the exchange was shaken by a crisis in nickel trading last month.
“I’m very pleased that Matt has decided to stay,” said Nicolas Aguzin, CEO of the LME‘s parent company Hong Kong Exchanges and Clearing Ltd.
“He leads from the front, exemplified by his handling of the unprecedented developments in the nickel market in the last few weeks.”
British financial regulators have launched a sweeping probe into chaotic nickel trading, which forced the exchange to suspend activity after prices spiked by more than 50% in a matter of hours to hit $100,000 a tonne.
The LME‘s announcement in January was a surprise and Wednesday’s statement did not say why former banker Chamberlain changed his mind.
The exchange, the world’s oldest and largest market for industrial metals, also said in a statement that Adrian Farnham will retire as the CEO of the LME‘s clearing house in July this year.
Farnham was due to take over as interim CEO after Chamberlain left, during the search for a permanent replacement.
The LME also said that acting Chief Financial Officer Tabitha Silverwood will permanently take over that role.