§ Mr. Hooleyasked the Secretary of State for Industry if he will set up a working party to investigate the possibility of closer control of the transactions on the London Metal Exchange by the establishment of a clearing house mechanism.
§ Mr. Cryer:The operations of the commodity markets in London are closely monitored by the Bank of England and the Government receive regular reports. The commodity markets are essentially self-regulating. In the case of the London Metal Exchange new arrangements arc in course of introduction which are intended to strengthen the Exchange's controls and to ensure that the positions of traders are consistent with its financial safeguards. We shall examine these new arrangements as part of a continuing examination to see if they are working satisfactorily and a working party will remain a possibility if this is not the case.