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LME launches bid for slice of $5 trillion London gold market

Reuters  |  LONDON 

By Jan Harvey and Peter HobsonLONDON (Reuters) - More than two tonnes of gold were traded through the London Metal Exchange's new LMEprecious spot contract on its first day as the exchange launched its bid to take a slice of the world's biggest over-the-counter (OTC) gold market.The LMEprecious suite of gold and silver contracts was developed with a group of backers including banks Goldman Sachs and Morgan Stanley, which then set up EOS Precious Metals to promote trade in the contracts and benefit from a 50:50 revenue-sharing deal with the LME. The LME launched its contracts at 0000 GMT on ...

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First Published: Tue, July 11 2017. 14:23 IST