A study commissioned by a global banking lobby group has found that banks pose a greater systemic risk than their commodity trading house competitors do and the report has not been made public, its author said. Craig Pirrong, a University of Houston academic confirmed he was the author of the study commissioned by the Global Financial Markets Association (GFMA). He said the GFMA, chaired by bank JP Morgan's head of global commodities Blythe Masters, had hoped to use the study to influence the Financial Stability Board (FSB), a global watchdog that has been examining regulation of commodity trading. "I call them like I see them. GFMA didn't like that. I wouldn't change the call, so they sat on the report," Pirrong wrote in his blog "Streetwise Professor" on Monday. In another posting Pirrong argued that commodity traders, unlike large banks, are not regarded as "too big to fail". GFMA, a body linking three major financial trade associations in Europe,
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