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Finance Titans Face Off Over $5 Trillion London Gold Market

  • ICE, CME, LME plan new contracts to compete with LBMA trading
  • Among banks with stake in outcome are Goldman, JPMorgan, HSBC
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Photographer: Lisi Niesner/Bloomberg
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Some of the biggest names in finance are fighting for control of the London gold market -- a $5 trillion, three-century-old trading hub that is being forced to adapt to a digital age.

As the London Bullion Market Association revamps over-the-counter trades that are the market’s major pricing benchmark, new ways of buying and selling precious metals are set to start next year from CME Group Inc., Intercontinental Exchange Inc. and the London Metal Exchange. Some big banks have stakes in the outcome, including Goldman Sachs Group Inc., HSBC Holdings Plc and JPMorgan Chase and Co.