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Banks to Test London Gold-Trading Platform in Transparency Push

  • Banks to run mock trades for Autilla platform as launch nears
  • System will feed into new trade repository for OTC market
A collection of one kilogram gold bars at London bullion dealers Gold Investments Ltd. in London on April 4, 2013.
Photographer: Simon Dawson/Bloomberg

Some banks will start testing a new bullion-trading platform next week as part of the London Bullion Market Association’s push to make the city’s over-the-counter market more modern and transparent.

Several banks will be asked to input mock trades into the platform built by Autilla Inc. which will then feed into a new trade data repository developed by Boat Services Ltd., Autilla Chief Executive Officer Mike Greenacre said. Testing may take up to four weeks and the platform may start around late March.