The London Bullion Market Association invites companies to submit proposals on how to improve the gold market.
The LBMA wants to explore ways to strengthen transparency, including more detailed reports of the operations, it said in an emailed statement. He also invited the considerations for a new electronic platform that can reduce costs and improve efficiency. The deadline for submissions is November 16.
The request follows a study by Ernst & Young LLP as the LBMA ordered earlier this year. The World Council of gold and five banks, including Morgan Stanley and Goldman Sachs Group Inc., also determine whether it makes sense to introduce a standardized clearing and listed derivatives.
The London Bullion Market Association (LBMA) issued a formal request for information (RFI) to gather proposals from the market for the next stages of London and world gold market.
“This is to explore opportunities for greater market transparency through such trade reporting and also increased the efficiency of trading through improved IT solutions”
For the LBMA, the purpose of the RFI is to understand the options available in the market.