SEC Looking at Commodities Insider Trading Rules

The U.S. Securities and Exchange Commission is looking into whether to update insider trading rules for commodities markets, SEC Chair Mary Jo White told a U.S Senate panel on Tuesday.

White was asked during a U.S. Senate Banking Committee hearing whether banks should be allowed to hold physical assets while they also trade in related financial markets.

"It's a subject matter that once it came to my attention, and that's fairly recently, I've actually asked the staff to examine that question," White said. She declined to comment further.

Lawmakers have called for more attention to the issue. JPMorgan Chase & Co said last week that it would exit the physical commodities business after it came under scrutiny.