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London's $5 Trillion Gold Hub Getting Ready for a Major Overhaul

  • London bullion dealers pitch new trade platform and reporting
  • Mining group pairs with LME on plan to create futures contract
relates to London's $5 Trillion Gold Hub Getting Ready for a Major Overhaul
Photographer: Kiyoshi Ota/Bloomberg
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There’s a competition brewing to figure out how the world’s largest gold-trading hub can get bigger and better.

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.