The gold industry's leading trade body and half a dozen banks have agreed to explore the idea of establishing an exchange in London as the existing market faces greater regulation.
The World Gold Council, a group consisting of 19 gold miners, and at least five banks are participating in initial discussions, according to people familiar with the matter.
That could see a move from London's bilateral over-the-counter gold market, which has been criticised for its lack of transparency, to a centrally cleared market. The WGC has hired a number of consultants and spent the past six months pitching a business case for banks to consider the alternative trading infrastructure, the people said. ...
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