Next week Boca Raton will host a gathering of financial bettors.
The International Futures Industry Conference is FIA’s most powerful and prestigious event. Boca delivers an unparalleled opportunity to engage with the global cleared derivatives industry. Boca 2022 will be the reunion of the cleared derivatives industry, gathering together high-level executives from leading banks and brokers, exchanges and other service providers as well as global regulators after a two-year hiatus. It’s where conversations and handshakes lead to the next headline; where thought-leaders deliver inspiration; where global regulators connect with industry giants; and where you’ll have exceptional experiences that can take place only at Boca.
Date: Tuesday 15-Thursday 17 March 2022
Location: Boca Raton, USA
Event organiser: FIA
LME involvement: HKEX and LME representatives will be attending Boca, where Gay Huey Evans, LME Chairman, will be celebrating her induction into the FIA Hall of Fame.
The meeting will occur after the London Metal Exchange (LME) halted Nickel trading.
Nickel trades at the London Metal Exchange will now be halted through the morning of March 11 at a minimum, as the 145-year-old global center of metals trading works to close the substantial short positions on its books and return stability to the market.
The market exploded after the price of nickel more than doubled. The exchange operated for 145 years with no breakdown. A Chinese steel producer is facing an $8 billion paper loss and he wants to keep rolling the dice. His losses could be less as the LME cancelled some trades after closing the exchange.
Texas residents recall our electricity market breaking in February 2021. The market based system imploded as operators tried to restore power in the midst of a brutal winter storm. Governor Abbott instructed ERCOT's CEO to keep prices at the maximum so he wouldn't face another failure. Texas homeowners get to pay losses incurred throughout the system via an electricity bill surcharge.
Also recall how China said it would not honor its derivative commitments in the Fall 2008 financial crisis.
Financial betters better hold on to their hats as greed and violence disrupt our world. An exceptional experience could blow it and their heads clear off.
Update 3-16-22: WallStreetonParade reported:
It is believed that at some point last Tuesday the banks came clean with the LME as to what their total derivative exposure was and to the massive losses they would experience if the trading that occurred last Tuesday was allowed to stand. What is not in dispute is that the LME suspended trading in nickel last Tuesday and cancelled all of the thousands of trades that had occurred last Tuesday prior to the suspension of trading.Update 3-18-22: WallStreetonParade noted a number of broken markets. JessesCafeAmericain noted the same with "both parties in Washington were united in a belief that the markets would take care of themselves."
