The nickel supply chain with raw material from China and Indonesia to refining in Russia caught a Chinese whale in an unhedged London short looking now for a tow to the beach.
In English this means that the exchange and brokers require more money from the customer to keep the positions or a lock in of the losses in a markets suspended from London to Shanghai and trades above $100,000 cancelled. This is before that intricate multiple of derivatives is accounted for in default and other variants of swaps.
So
In theory during acts of God and Government, force majeure, margin requirements in the system go up and leverage goes down. Actors that can not trade in a suspended market seek other leveraged positions to reduce, for instance, shorts in other markets, equities.
Thinking that nickel, commodity, and other supply chain margins will run through the dealer community to Boris in a Cayman basement with a reinsurance telephone line for which the bill has not been paid.
A starting list of squeeze em if you got em candidates
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