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LME hopes gold futures contract will be blueprint for reform
By Henry Sanderson
Financial Times, London
Monday, July 17, 2017
The London Metal Exchange is looking to its first gold futures contract in 30 years as a blueprint for an overhaul of the 140-year-old exchange, which has been struggling in the face of fierce competition and tough market conditions.
The LME's gold futures contract saw good volume in its first week of trading, with a total of 25,590 lots, or more than 2.5 million troy ounces of the metal traded, surprising many who thought the contract would fail to gain traction. In contrast, a London-based contract launched in February by CME Group has barely traded.
The LME's gold offering contains many of the features that the exchange hopes it can roll out across its market-leading copper, aluminium, and nickel contracts as it strives to maintain its dominance in global metals trading. ...
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