London Gold Market Plans Vote on Governance, Platinum Tradingby
Vote among LBMA members will be held on June 29, LBMA said
London is the largest market for spot and forward contracts
The London Bullion Market Association will vote on changes to its governance structure and whether to formally support platinum and palladium markets, according to a notice sent to members obtained by Bloomberg.
The association, which represents participants in the over-the-counter gold and silver market, will hold the vote on June 29, according to the notice. A spokesman for the LBMA confirmed the notice.
The LBMA is considering broad changes to the way gold is traded in London, including transaction reporting and a new trade platform. Having all four precious metals, rather than just gold and silver, under one association makes sense from a banking and vaulting perspective, LBMA Chief Executive Ruth Crowell said at the trade group’s conference last October.
London is the largest market for spot and forward contracts, with 4.62 billion ounces cleared among the city’s market makers last year that amounted to almost half of such transactions globally, commodity researcher CPM Group estimates.