The London Metal Exchange's gold and silver futures are being thrown into d...
LONDON - The London Metal Exchange’s gold and silver futures are being thrown into doubt, with the imminent resignation of Societe Generale as a market maker threatening to deepen a decline in trading activity, three sources said.
The LME bet that the contracts would benefit from tightening regulation pushing some of London’s $10 trillion-a-year gold market from over-the-counter deals between banks and brokers to centrally cleared exchanges. SocGen declined to comment. The French bank earlier this year announced it would exit over-the-counter commodities trading as part of a push to improve profitability, but did not say it would close on-exchange business.
The other banks partnered with the LME — Goldman, Morgan Stanley, Natixis and ICBC Standard — either declined to comment or did not respond to a request for comment. Fewer than 18,000 LME gold contracts changed hands in August – the lowest monthly total on record and an eighth of the number traded in its heyday of September 2017.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rooney Mara Joins Guillermo Del Toro’s ‘Nightmare Alley’ At Fox SearchlightEXCLUSIVE: Rooney Mara is set to star with Bradley Cooper and Cate Blanchett in Nightmare Alley, Guillermo del Toro’s first directorial outing since his Best Picture winning The Shape of Wate…
Read more »
Why the Pre-Show Is the Best Part of the MTV VMAsAllow 1996-era No Doubt and 2005-era Rihanna to make the case.
Read more »
Nickel Surges Higher As A Supply Squeeze Looms, Leaving Gold Even Further BehindNickel was hot last month when it comfortably outperformed a better-known metal, gold.
Read more »
Katie Holmes & Suri Cruise, 13, Look Like Twins During Rainy Outing In NYCKatie Holmes and daughter Suri Cruise hit the streets of NYC on August 28, just days after the actress and Jamie Foxx ended their 6-year romance. Katie looked better than ever, rocking neon pumps d…
Read more »
Dragons' Den's Theo Paphitis thought he was dying after 'horrendous' infectionEXCLUSIVE: The retail magnate had to take time off work after being 'floored' by the condition
Read more »
'Overwatch' is finally coming to Nintendo SwitchTonight's Nintendo Direct was supposed to reveal the exclusive
Read more »