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.
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