HKEX (00388.HK): Elliott Files New Claim Over Nickel Trading with UK Competition Appeal Tribunal; HKEX Says Claim Has No Legal Merit and Will Defend Vigorously

NewTimeSpace News: On 8 September 2026, Hong Kong Exchanges and Clearing Limited (stock code: 00388) announced that Elliott Associates, L.P. and Elliott International, L.P. (together, Elliott) had brought a new claim over its nickel trading (the "2026 CAT Claim"), naming HKEX and its wholly-owned subsidiary London Metal Exchange (LME) as defendants. The claim was filed by Elliott with the UK Competition Appeal Tribunal (the Tribunal) on 3 September 2026, and HKEX has not yet been served with the claim documents.

The announcement recalled that Elliott had commenced a judicial review claim in June 2022 over LME's decision to cancel all nickel contracts executed on or after 00:00 London time on 8 March 2022. The High Court of England and Wales ruled in favour of LME and LME Clear on 29 November 2023, and the Court of Appeal did likewise on 7 October 2024; the UK Supreme Court subsequently dismissed Elliott's application for permission to appeal, bringing the 2022 claim to an end.

In the 2026 CAT Claim, Elliott alleges that HKEX and LME breached the prohibition on abuse of a dominant market position under Chapter II of the UK Competition Act 1998, including by failing to implement adequate arrangements and systems to prevent disorderly trading during severe market stress and to monitor and manage volatility in the LME nickel futures market, and by failing to identify and manage conflicts of interest. Any damages, if Elliott succeeds, would be assessed by the Tribunal. HKEX considers the claim to be without legal merit and will defend it vigorously, and reiterated that nothing in the announcement constitutes or should be construed as acceptance of the Tribunal's jurisdiction; Elliott must first obtain the Tribunal's permission before serving HKEX, and HKEX may further contest any permission granted.

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