(Corrects name of FERC official in second paragraph to Norman
Bay, from Michael Bay)
Nov 18 A U.S. Senate Banking Committee hearing
on Wall Street's role
in physical commodities trading, which been scheduled for
Wednesday, has been postponed, an aide to the committee said on
The Federal Reserve's Director of Banking Supervision and
Regulation, Michael Gibson, was due to appear as a witness, as
was Norman Bay, director of the Office of Enforcement for the
Federal Energy Regulatory Commission (FERC).
A new date for the hearing has not been announced. The
reason for the postponement was not immediately clear.
The Federal Reserve has been reviewing Wall Street's role in
physical commodities trading amid increased regulatory and
JPMorgan announced it was exiting physical commodity
trading earlier this year, shortly before it agreed to a $410
million settlement with FERC over allegations of manipulation of
California and Midwest power markets.
Goldman Sachs has faced scrutiny of its metals
warehousing business, Metro International Trade Services, over
allegations it has inflated wait times and prices for consumers.
The bank plans to resume talks with parties interested in
buying its metals warehousing business, a source familiar with
the matter said on Monday.
(Reporting by Jonathan Leff in New York, Sarah N. Lynch in
Washington and David Sheppard in London; editing by Tom