LBMA Invites Proposals on How to Improve London's Gold Marketby
Association wants to study better reporting of trades
Five banks are separately looking at modernizing spot market
The London Bullion Market Association is inviting companies to submit proposals on how to improve the city’s over-the-counter gold market.
The LBMA wants to study ways of boosting transparency, including more detailed reporting of trades, it said in an e-mailed statement. It also invited considerations for a new electronic platform that may lower costs and improve efficiency. The deadline for proposals is Nov. 16.
The request follows a study by Ernst & Young LLP that the LBMA commissioned earlier this year. The World Gold Council and five banks, including Morgan Stanley and Goldman Sachs Group Inc., are also assessing whether it makes sense to introduce standardized central clearing and listed derivatives.