Ruth Crowell, chief executive of the LBMA, explains the steps being taken to ensure London retains its leading position as the market evolves
Page 11 – LBMA to deliver transparency and integrity to the precious metals market using Autilla technology
Traditionally, the global gold market has been dominated by over-the-counter trading with London playing a big role in the market.
Ruth Crowell explains that initially, all the trading members will report their OTC trades. Once the dataset is live in 2018, reporting requirements will be extended to ensure that the data ultimately reflects the size of the global OTC market.
“After an exhaustive selection process, Cinnober Boat was appointed as our trade reporting service provider. Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers around the world. Boat is alreadused by many LBMA members for trade reporting, thus minimising disruption and cost.
The system is already capturing trades through a hub known as LBMA-I, run by financial technology operator Autilla. LBMA market-makers are expected to start reporting in the coming months, followed by other trading members later in 2017. After a period of quality checking, it is expected that the first set of data will be published in 2018.”