Relevant:
- JPM, Goldman chased out of metal storage biz as HK-owned LME to crack down
- Warehouse ownership by Wall Street banks raises market manipulation suspicions
- CFTC subpoenas Glencore, Goldman, et al., as metals inquiry heats up
- Investment banks tighten stranglehold on metals
- Special report: Goldman's new money machine: warehouses
2012-06-19 — gata.org
Hong Kong Exchanges & Clearing, which on Friday announced an agreement to buy the 135-year-old group for L1.4 billion, said it was planning to change the rules governing the LME's network of warehouses in an attempt to shorten the wait to take delivery of metal.
Long queues to remove aluminium from LME warehouses have sparked angry confrontations between consumers of metal, such as Coca-Cola, PepsiCo, and General Motors, and warehouse owners, including Goldman, JPMorgan, Glencore, and Trafigura.
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