Sucden fined 80,000 stg for breaking London Metal Exchange rules

LONDON - UK broker Sucden has been fined 80,000 stg for breaking London Metal Exchange (LME) rules over lending in the nickel market in May. The LME said today the fine was reduced to 80,000 stg from 100,000 stg because Sucden did not contest the charges. The LME changed its trading regulations on lending in May. The rules, put in place to prevent collusion between dominant players, lowered the threshold at which holders of dominant long positions are required to lend to the rest of the market. Two or more companies that hold 25 pct or more of LME-monitored nickel stocks are now required to lend stocks of the metal to other parties at no more than the nickel cash price.