LBMA says banks back its plan to change London gold market
By GCRU Gold News on Saturday, August 20 2016, 00:31 - Permalink
The body charged with regulating London’s $5tn a year gold market says banks in the city are backing its plans to bring greater transparency to the market as the London Metal Exchange prepares to launch a gold futures exchange.
Ruth Crowell, head of the London Bullion Market Association, said its members, which include some of the world’s biggest banks, see an electronic trade repository as the best way to improve transparency and address regulatory pressure that is threatening to drive up costs.