Chairman Sherrod Brown speaking at the opening of the subcommittee hearing on banks in the commodity market.

  • Sees banks activities buried in arcane filings

We’ll try to keep on top of this one given the news recently.

Here’s a link to the hearing.

First witness testimony is from Saule Omarova an associate professor of law

  • Sees more transparency needs by banks in commodities

Timothy Weiner, a global risk manager with MillerCoors

  • Aluminium is critical to supply chain
  • LME rules help boost metal prices
  • Absurd to wait 18 months to release metal
  • LME rule changes probably won’t work

Randal Guynn, head of financial institutions group Davis Polk & Wardwell

  • CFTC probe may address LME riles & metal inventories

I’m currently working on a post to give some background to the entire situation. I have a vested interest seeing as I started my working life in the metals industry, but more importantly this could have a massive effect not only on banks but the US and global economies. There is a huge amount of money at stake and the fall out into other areas of metals trading and the financial world could be far reaching.

More from Weiner

  • LME rule changes, Bank warehouse sales, Fed action and CFTC investigation may not solve delay problem.
  • Any changes unlikely to come into effect until 2014