By Paul Ploumis
July 11, 2017 12:30:50 AM
SPOKANE (Scrap Monster): The London Metal Exchange (LME) and the World Gold Council have confirmed that the launch of LMEprecious on 10 July 2017, as planned.
LMEprecious introduces exchange-traded and centrally cleared precious metals products to the London market. It will comprise spot, daily and monthly futures for gold and silver. The contracts were designed to support ongoing regulatory change, enabling greater market transparency and access, as well as providing additional robustness to the precious metals market.
“We are pleased to confirm that all technical and administrative preparations are complete for the launch of LMEprecious next week,” said Kate Eged, Head of Precious Metals at the LME. “We and our partners have worked hard to develop contracts for the precious metals community that both complement the OTC market while offering greater capital efficiency, transparency and accessibility to market participants.”
Robin Martin, Managing Director Market Infrastructure, at the World Gold Council, said: “The launch of LMEprecious represents an important step in the modernization of the London market. The regulatory and market environment has evolved significantly over recent years and we are confident that LMEprecious will help reinforce the strengths of the London market.”
The LME, the World Gold Council and six partners – Goldman Sachs, ICBC Standard Bank, Morgan Stanley, Natixis, OSTC and Societe Generale – developed LMEprecious following extensive engagement with major market participants and users in order to accommodate the interests of the full range of market stakeholders.