Mitsui to shut precious metals business in London and New York, sources tell Reuters

Section:

By Clara Denina
Reuters
Monday, October 12, 2015

LONDON -- Mitsui will close its precious metals businesses in London and New York at the end of this year, two sources familiar with the situation said, due to sliding commodity prices and more stringent regulation.

"Mitsui is shutting down precious in London and New York in December," one source said.

A spokesman for the Japanese trading house declined to comment. ...

The trading house also participates in the twice-daily auction setting the London silver benchmark run by the Chicago Mercantile Exchange and Thomson Reuters. Its withdrawal would leave five banks to set the price.

Last month, Mitsui was included by Switzerland's competition authority WEKO on a list of banks being investigated for possible collusion over the pricing of precious metals. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/10/12/lmeweek-mitsui-co-closures-idU...



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