The World Gold Council has announced that with partners including the London Metal Exchange, Goldman Sachs, ICBC Standard Bank, Morgan Stanley, Natixis, OSTC, and Societe Generale, a new, centrally cleared exchange traded product called LMEprecious. The product “will comprise spot, daily and monthly futures, options and calendar spread contracts for gold and silver.” Platinum and palladium contracts will be included in future developments.
Chief Executive of the LME, Garry Jones said of the project, “We are delighted to be working with the World Gold Council and a group of leading banks, to now take this project forward towards an enhanced market structure. LMEprecious opens up trading opportunities for existing LME members and their clients, as well as for new participants wishing to take advantage of optimised precious metals trading.”
