CFTC gives orders ahead of possible warehouse probe

Jul 22, 2013 | 09:31 AM |

Tags  CFTC, Commodity Futures Trading Commission, warehousing, LME, London Metal Exchange, warehousing probe, Goldman Sachs, JPMorgan Chase Glencore Xstrata

LONDON — Banks and trading companies have been ordered by the U.S. Commodity Futures Trading Commission (CFTC) to preserve documents ahead of a possible investigation into warehousing activities, sources said.

The ownership of London Metal Exchange-listed warehouse companies by such banks as Goldman Sachs Group Inc. and JPMorgan Chase & Co., as well as large trading houses like Glencore Xstrata Plc, has drawn criticism from physical market participants after large incentives offered to suppliers to move metal into warehouses sent physical premiums to record highs over the past year.....

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