Bank of England takes deep dive into ‘opaque’ commodities.
The Bank of England said on Tuesday it will conduct an in-depth analysis to enhance surveillance of “opaque” commodity markets after Russia’s invasion of Ukraine left the central bank without a full picture of risks and vulnerabilities.
“If disruption is prolonged and uncertainty increases, banks may become even less willing to extend credit to commodity market participants,” the BoE said. Nickel prices on the London Metal Exchange hit a record high of more than $100,000 a tonne after Russia, a major producer, invaded Ukraine, with trading suspended for a week in March and the LME’s clearing house forced to nearly double its default fund.Separately on Tuesday, the European Union’s securities watchdog ESMA said a stress test of clearing houses in the bloc showed there were resilient to major shocks, but that ‘gaps’ in safety buffers were uncovered in commodity derivatives.
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