Elliott Associates L.P. and Elliott International L.P. have filed a new claim with the UK Competition Appeal Tribunal against the London Metal Exchange and its parent, Hong Kong Exchanges and Clearing (HKEX), alleging that the entities abused a dominant market position during the 2022 nickel crisis. Filed on September 3, 2026, the claim invokes Chapter II of the UK Competition Act 1998 and alleges failures involving disorderly-trading safeguards, volatility management, conflicts of interest, and transparent and proportionate operating criteria. HKEX said it has not been served, considers the claim without legal merit and will vigorously defend itself; Elliott must first obtain permission to serve the documents, and HKEX reserves the right to object. The case follows earlier judicial-review defeats over the LME’s cancellation of trades after nickel prices surged above $100,000 per metric ton on March 8, 2022. The UK High Court and Court of Appeal ruled for the LME, and the UK Supreme Court dismissed Elliott’s permission application in August 2025, according to HKEX. The earlier dispute involved about $12 billion in cancelled notional trades and an initial damages claim of roughly $456 million. The FCA separately fined the LME £9.2 million in March 2025 over market-disruption management failures. The new competition-law route remains at a preliminary stage and could expose HKEX to further legal costs, damages and reputational risk if it proceeds.