Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018.
Both explicitly allow for the cancellation of trades "in exceptional cases", which would be a fair description of last year's nickel market meltdown and the resulting threat of multiple member defaults.
This is a case of "knowing one when you see one" or "the elephant test" in legal precedent, the judges said.
Nor would it have affected Chamberlain's assessment that nickel trading had become irrational and disorderly on the morning of March 8.
LME trading has been transformed by the crisis in the form of permanent caps on time-spreads and limits on intraday price movements.
Persons:
Simon Dawson, Elliott, Jonathan Swift, Robert Bright, Matthew Chamberlain, Jane Street, Chamberlain, China's, Xiang Guangda, Oliver Wyman, Tsingshan, Barbara Lewis
Organizations:
London Metal Exchange, REUTERS, London High, Elliott Associates, Jane, Global Trading, Financial, Authority, China's Tsingshan, Reuters, Thomson
Locations:
London, Britain, U.S