July 27, 2010 / 10:35 AM / 9 years ago

LME aims to clear gold contracts from Nov 8

LONDON, July 27 (Reuters) - The London Metal Exchange said on Tuesday it hoped to go live clearing over-the-counter (OTC) contracts for the wholesale London gold market on November 8.

The service will be launched with LCH.Clearnet and dealers in London have cautiously welcomed the service. [ID:nLDE6650NQ]

At the London Bullion Market Association’s last annual conference in November, 57 percent of delegates voted in favour of gold forwards being available in both New York and London, while 34 percent said they were in favour of a cleared forward being offered in the London market. [ID:nL387381]

Reporting by Michael Taylor; editing by Keiron Henderson

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