LME needs transparency: economist

Nov 01, 2013 | 04:00 PM | Michael Cowden

Tags  Jeffrey Harris, Syracuse University, CFTC, Commodity Futures Trading Commission, LME, London Metal Exchange, warehouse queues, aluminum Michael Cowden

CHICAGO — The London Metal Exchange should be more transparent as it aims to trim long queues for aluminum at warehouses in Detroit and the Netherlands, according to a former chief economist for the U.S. Commodity Futures Trading Commission (CFTC).

"I think one of the issues with that entire (aluminum futures) market in particular is there is not a lot of transparency," said Jeffrey Harris, who was the CFTC’s chief economist from 2007 to 2010 and is now the Dean’s Chair of Finance at Syracuse University.

"It’s a little bit different than the regular futures market where we are getting daily reports on who’s long and who’s short," Harris said during a presentation at a recent Metals Service Center Institute conference in Palm Beach, Fla.....

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