That raises an interesting question. Is there actually a mechanism to force BS to net-off any of his position (assuming he can actually continue to meet the margin calls)? I'm no expert in this (clearly!), but as I understand it the LME is a CCP, so they bear the counterparty risk, In which case they must have some way to protect themselves... although that seems to have failed miserably so far!
The LME is rigged, page-24
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