WGC considers launch of new London exchange - FT

Dhwani Mehta FXStreet

FXStreet (Mumbai) - The gold industry’s leading trade body and half a dozen banks have agreed to explore the idea of establishing an exchange in London as the existing market faces greater regulation.

The World Gold Council (WGC), a group consisting of 19 gold miners, and at least five banks are participating in initial discussions, according to people familiar with the matter.

That could see a move from London’s bilateral over-the-counter gold market, which has been criticised for its lack of transparency, to a centrally cleared market.

The WGC has hired a number of consultants and spent the past six months pitching a business case for banks to consider the alternative trading infrastructure.

WGC said in a statement, “As the market development organisation for the gold industry, our overriding aim is to encourage a transparent, efficient and liquid gold market,”

“We are constantly exploring potential market development initiatives, so it is in the normal course of business that we are engaged in discussions with a number of individuals and organisations regarding the operation of the global gold market.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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