Traders operate in the Ring, the open trading floor of the new London Metal Exchange (LME) in central London on Feb 18, 2016. (PHOTO / AFP)

LONDON - The London Metal Exchange (LME) said on Friday it had appointed John Williamson, currently a non-executive director, as interim chairman from the end of April, when current Chair Gay Huey Evans steps down.

Williamson's appointment comes as the world's largest and oldest metals forum grapples with slumping nickel volumes after the chaos in March 2022 when the LME suspended nickel trading for more than a week.

Williamson will oversee the exchange as it comes under scrutiny from Britain's financial watchdog and lawsuits for the trades the LME canceled on March 8, 2022 when nickel prices doubled to a record above $100,000 a tonne in a few hours

"Recent years have presented challenges for both the industry and the business but I am certain of the LME's continued role as a vital global marketplace for the pricing and trading of metals," Williamson said in the statement.

ALSO READ: HKEX: Elliott Associates sues LME for $456m over trade halt

Williamson served on the board of Hong Kong Exchanges and Clearing, owner of the 146-year-old LME, from 2008 to 2021 as non-executive director. He was appointed to the LME board in September 2021.

The LME declined to comment on why the appointment was on an interim basis.

Williamson will oversee the exchange as it comes under scrutiny from Britain's financial watchdog and lawsuits for the trades the LME canceled on March 8, 2022 when nickel prices doubled to a record above $100,000 a tonne in a few hours.

A lawsuit brought by Elliott Associates and Jane Street Global Trading against the LME for canceling nickel trades will be heard in a London court on June 20-22.

READ MORE: Fate of London metals pit hangs in balance after trader pushback

Britain's Financial Conduct Authority in March launched an unprecedented probe into potential misconduct over the nickel crisis last year, which further damaged the LME's already bruised reputation.

Since March 2022, the exchange has introduced daily price limits to control volatility of prices of nickel and other metals such as copper and aluminium trading on the exchange.