The London Bullion Market Association has started negotiations with two financial technology firms to create a trading platform for precious metals, according to two people with direct knowledge of the matter.
The partnership between Autilla Ltd. and Boat Services Ltd. was selected for further talks, according to the people, who asked not to be identified because the discussions are private. ...
The LBMA, which represents London's gold market, is seeking to modernize the world's largest gold-trading hub, an over-the-counter system that clears more than $5 trillion a year. Regulators are pushing for more transparency and tighter controls. In other cities, such as New York, transactions take place on an exchange.
The LBMA's platform would mean deals between two parties can be posted and stored in a database, and eventually lead to the publication of a forward price curve. ...
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http://www.bloomberg.com/news/articles/2016-0...to-enter-tal...
