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Levin says will meet CFTC to discuss scope of LME oversight

Reuters - UK Focus

WASHINGTON, Nov 21 (Reuters) - U.S. Senator Carl Levin plans to meet with the U.S. commodities regulator to discuss the scope of its oversight of the London Metal Exchange, the world's biggest and oldest metal market, in the United States, he told reporters on Friday.

His comments came at the end of a two-day hearing of his Permanent Subcommittee on Investigations on Wall Street's influence over commodities and the release of the subcommittee's report, which accused Goldman Sachs Group Inc and its metals storage business of manipulating the aluminum market.

The bank says it has not broken any rules.

Metals warehousing is overseen by the LME, which is regulated by Britain's Financial Conduct Authority, but some U.S. lawmakers say the Commodity Futures Trading Commission's oversight of the exchange's U.S. business should be strengthened. (Reporting by Michael Flaherty in Washington DC; Writing by Josephine Mason in New York; Editing by James Dalgleish)