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CFTC to meet with Alcoa on LME warehouse reform

Reuters - UK Focus

NEW YORK, Aug 25 (Reuters) - The chairman of the U.S (Other OTC: UBGXF - news) . commodities regulator and aluminum producer Alcoa Inc (NYSE: AA - news) will meet this week to discuss metals warehousing reform, a spokesman for the agency said on Tuesday.

The meeting between U.S. Commodity Futures Trading Commission (CFTC) chairman Timothy Massad and a representative from Alcoa will take place on Wednesday afternoon. The meeting comes as the aluminum company has ramped up public criticism of the regulator's intervention in the London Metal Exchange's (LME) warehousing reform plan.

The dispute highlights aluminum producers' concerns about the impact of LME rule changes on sinking prices. Recent LME reforms have increased the rate at which metal must be delivered out of warehouses, a response to controversial financing deals, and aluminum has flooded the market partly as a result.

In a letter late last month, Alcoa general counsel Max Laun asked the CFTC to retract a letter announcing its decision to delay ruling on the LME's application to register as a "foreign board of trade" in the United States.

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The letter accused the CFTC of overstepping by attempting to regulate a foreign exchange while pushing for the LME, the world's oldest and biggest market for industrial metals owned by Hong Kong Exchanges and Clearing Ltd to introduce other reforms, including a cap on warehouse rents.

Laun also requested a meeting between Massad and Alcoa Chief Financial Officer Bill Oplinger for the week of Monday, August 24. It (Other OTC: ITGL - news) was not immediately clear whether Oplinger or a different Alcoa representative would attend Wednesday's meeting.

Alcoa, which did not immediately respond to a request for comment, met with the CFTC several times before submitting a request under the Freedom of Information Act in June to find out what had caused the CFTC to delay its decision on the LME, but those meetings had been with lower-level staff. (Reporting By Luc Cohen; Editing by Bernard Orr)