Cleared derivatives and human rights in "disorderly" financial markets

Omotola Ariyo

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This essay examines R (Elliott Associates, Elliott International, and Jane Street Global Trading) v. The London Metal Exchange and LME Clear [2023] EWHC 2969 (Admin). The case arose from the London Metal Exchange's decision to cancel $12 billion worth of nickel futures trades amidst extreme price volatility following the Russian invasion of Ukraine. The essay discusses how the court approached the definition of an ‘orderly market’ and the human rights challenge under Article 1 of the First Protocol to the European Convention on Human Rights. Through comparative analysis with R (SRM Global and others) v. Her Majesty's Treasury [2009] EWHC 227 (Admin), the article discusses the claim of legitimate expectations in public law which arose in both cases. The essay (1) highlights the consistent theme of judicial deference to regulatory discretion during crises and (2) analyses the prospect of claims in human rights and legitimate expectations in financial markets involving sophisticated participants.

Keywords: exchange-traded derivatives; human rights; legitimate expectations; judicial review; Exchange-traded derivatives (search for similar items in EconPapers)
JEL-codes: F3 G3 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2026-02-28
New Economics Papers: this item is included in nep-cis
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Published in Law and Financial Markets Review, 28, February, 2026, 18(4), pp. 266 - 277. ISSN: 1752-1440

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