28320
London Gold Clearing Under Review
World Economy

London Gold Clearing Under Review

A group of five banks, including Goldman Sachs Group Inc. and Morgan Stanley, have asked exchanges for proposals on how to start standardized central clearing and listed derivatives for the London gold market, two people familiar with the matter said, according to Bloomberg.
The request was this week sent to the London Metal Exchange, said the people, who asked not to be identified because the matter is private. It was also sent to the London Stock Exchange, Intercontinental Exchange Inc. and CME Group Inc., said one person. The letter was sent by the banks, which also include Societe Generale SA, ICBC Standard Bank Plc and Citigroup Inc., and the London-based World Gold Council.
The council said in a letter last month to London’s precious metals associations that it and the banks are talking about making changes to improve the market. London uses over-the-counter trading, rather than having set contracts on an exchange, such as the Comex in New York. Separately, the London Bullion Market Association earlier this month invited proposals on how to improve the market and suggested more detailed reporting of trades.
The LME declined to comment. CME Group, ICE and the LSE and the banks didn’t immediately reply to phone messages or e-mails. The producer-funded gold council said by e-mail that it continues to talk with banks and the wider industry to explore ways to modernize the market, without elaborating.
Proposals are expected back by the end of the month, one person said.

 

Short URL : https://goo.gl/f91Hbf
  1. https://goo.gl/87xHUU
  • https://goo.gl/ZDWWjt
  • https://goo.gl/r4hoY4
  • https://goo.gl/MygE53
  • https://goo.gl/wiD9I1

You can also read ...

Cybercrime cost has jumped by $155 billion since 2014.
Global businesses are losing the equivalent of nearly 1% of...
Pakistan to Be Placed Back on FATF List
Pakistan will be placed back onto an international terrorism-...
US Presses India to Cut Tariffs
US businesses and diplomats are pressing India to cut tariffs...
UAE Inflation  to Rise to 3.3%
Inflation is expected to rise to 3.3% in the UAE as the 5%...
Turkey will have the widest current account deficit this year at 4.5% of GDP, followed by Argentina and Colombia.
As the US and European countries embark on a monetary...
Europe’s main London, Frankfurt and Paris markets barely budged in early moves.
A stronger dollar and slightly higher global borrowing costs...
The ECB expressed more confidence that inflation would converge over time to its 2% target.
Released within 24 hours of each other this week, the minutes...
Fitch in November affirmed the country’s BB+ stable outlook rating.
Fitch, the ratings agency that cut South Africa’s sovereign...

Trending

Googleplus