The London Bullion Market Association (LBMA) and several major banks that trade ...
LONDON - The London Bullion Market Association and several major banks that trade gold have asked U.S. exchange operator CME Group Inc to allow gold bars in London to be used to settle its contracts to ease disruption to trading, sources said.
The two usually remain within a few dollars of one another, and the gap skewed trading in the London market, causing activity to fall. The LBMA and executives at major gold-trading banks asked CME to allow 400-ounce bars to be used to settle Comex contracts, said the two sources, both of whom were involved in the discussions.
“It’s totally logical,” said an executive at a gold-trading bank. “In London there’s no shortage of metal.”
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