London's Gold Crown Is Slipping
- Basel III rules on lenders’ balance sheets may also hit market
- Added uncertainty comes from Brexit as banks mull moving desks
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London is losing its Midas touch.
New rules from regulators, on top of uncertainties over the U.K.’s future relationship with the European Union, are denting the city’s position as the biggest center for gold trading in the world. The changes threaten to push up costs, a key competitive advantage of London’s over-the-counter market.