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Home>GoldWire>LME pulls out of clearing OTC gold trades on lack of price data

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LME pulls out of clearing OTC gold trades on lack of price data

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Chris Powell

GATA

Published : September 06th, 2014

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	LONDON -- The London Metal Exchange will not provide clearing services for over-the-counter trades in gold from Sept. 22 after the London Bullion Market Association said its members would no longer supply price data for forward curves. The LME said in a statement on Friday that it had been notified by the LBMA that the majority of its market-making members, which include Credit Suisse, UBS, and JP Morgan, could no longer contribute data for the purposes of calculating forward curves. The effect of the announcement is likely to be limited, because most OTC gold trades do not go through a clearing process. ... ... For the remainder of the story: http://www.reuters.com/article/2014/09/05/gol...idUSL5N0R633...

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.

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