London's $5 Trillion Gold Hub Getting Ready for a Major Overhaul
By GCRU Gold News on Friday, April 8 2016, 01:10 - Permalink
Much of the $5 trillion in transactions cleared every year in London is done by telephone or in electronic chat rooms and are the same kind of one-on-one deals that gave birth to the marketplace three centuries ago. But traders and bankers say the system may not provide enough transparency to satisfy regulators or attract new business at a time when more gold is being bought and sold in New York and Shanghai.