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Citi to join 'club' of clearing banks controlling London gold market
By Leslie Hook
Financial Times, London
Monday, July 6, 2026
Citigroup is set to join the "club" of banks that control London's $200 billion-a-day physical bullion market, as the U.S. bank expands its reach into precious metals at a time of huge volatility for gold and silver.
The bank is the first new clearing member to join the biggest gold market in a decade, and will bring to five the total number of clearing banks approved by London Precious Metals Clearing Ltd.
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For years a powerful clique known as the "Big Four" -- JPMorgan, UBS, ICBC, and HSBC -- have been the only banks allowed to clear physical gold and silver on the London market, which in practice often forces other banks and brokers to use their services to participate in the market.
London is the largest and most liquid market for physical gold trading, recording around $207 billion of daily turnover in the second quarter, and setting the benchmark for bullion prices worldwide.
Its status is underpinned by an extensive network of bullion vaults, including at the Bank of England as well as at private institutions, which collectively held around $1.4 trillion in gold at the end of May. ...
... For the remainder of the report:
https://www.ft.com/content/a0fb2ba5-f463-4479-a200-aa9aa782ec55?syn-25a6b1a6=1
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