The head of the London Metal Exchange has decided to stay in the role, backtracking on plans to join a digital assets start-up as the 145-year-old City institution seeks to repair a reputation damaged by recent chaos in the nickel market.

Matthew Chamberlain, chief executive, said the events of recent weeks had brought into focus the importance of the LME and the metals markets. His U-turn comes amid a broader shake-up of senior management at the exchange, where brokers and industrial traders have gathered to buy and sell copper, zinc and other industrial metals since 1877.

“I want to continue to work with the team on supporting the long-term health and efficiency of the market and drive forward the sustainable development of our industry,” he said in a statement.