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Banks prepare to scrap LME gold and silver contracts, sources tell Reuters
By Peter Hobson and Pratima Desai
Reuters
Wednesday, October 13, 2021
LONDON -- A group of banks that partnered with the London Metal Exchange (LME) to launch gold and silver futures in 2017 is preparing to abandon the project after hoped-for volumes did not materialise, three sources with direct knowledge of the matter said.
Such a move would end an attempt by the LME, which dominates industrial metals trading, to capture part of London's bullion market, which is the world's largest with gold worth some $17 trillion changing hands last year.
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The LME launched the contracts with partners including Goldman Sachs and Morgan Stanley, which agreed to promote trade in them in return for 50% of revenues generated.
The project partners had hoped tightening regulation would push bullion trading in London away from over-the-counter deals between banks and brokers to exchanges, which regulators see as safer and more transparent.
But the biggest dealers, which include JPMorgan and HSBC, shunned the contracts, and after Societe Generale, one of the LME's partners, closed most of its commodities business in 2019, trading dwindled to nothing. ...
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