London gold trade agrees on reforms to boost transparency

Section:

Will anyone ask them how much leasing and swapping business they're doing for central banks, so the new transparency regime can begin with a "no comment"?

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By Clara Denina
Reuters
Thursday, June 30, 2016

The London Bullion Market Association has taken steps to help to preserve London's role as a major global gold trading center by making its management more open and independent, documents seen by Reuters show.

London currently dominates the global over-the-counter gold trade but is facing increasing competition from China. There are also more regulatory demands after scandals over attempts to rig interest rate and currency benchmarks. Several banks have run into trouble with regulators over misdemeanors in their precious metals trading business. ...

The pressure for change is increasing also because China, the metal's largest consumer and producer, is competing with London to increase market share as a price setter with a yuan-denominated gold benchmark.

Currently, the LBMA has a management committee made up of representatives from eight firms including six banks, which are also involved in the trading of bullion.

But a majority of members, including banks, refiners and dealers, voted on Wednesday to create an independent board of directors comprising two bank market makers and three LBMA members.

... For the remainder of the report:

http://www.reuters.com/article/us-lbma-gold-board-idUSKCN0ZG1LQ



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