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LBMA, World Gold Council urge BIS to list gold as 'high-quality liquid asset' under Basel III
Maybe even the BIS considers gold to be the future of money as well as its past.
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From Solitaire
Gem & Jewellery Export Promotion Council, Mumbai
Thursday, July 11, 2024
Last week delegates from the London Bullion Market Association, including Paul Fisher, Ruth Crowell, David Gornall, and Edel Tully, joined Mike Oswin of the World Gold Council in Basel for a meeting with the Bank for International Settlements.
The delegation met with Neil Esho, secretary-general of the Basel Committee, and Noel Reynolds, head of Basel III implementation, to discuss the future of gold as a high-quality liquid asset.
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The reclassification of gold to from its current status as a Tier 1 asset to a high-quality liquid asset would bring about enhanced market stability, improved liquidity, regulatory compliance benefits, greater confidence and trust in the financial system, and overall economic and financial stability. This would be advantageous for both financial institutions and the broader economy.
According to the LBMA, the meeting was productive, and the delegation received reassurances that they were on the right path towards advocating for the reclassification of gold as a HQLA. The discussions centered around the broad criteria for HQLA status and the progress made in the gold market concerning data transparency. ...
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