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Britain carves out exemption for gold clearing banks from Basel III rule

Britain carves out exemption for gold clearing banks from Basel III rule Reuters | July 9, 2021 | 12:22 pm Intelligence Europe Gold  Bank of England headquarters in London. Credit: Wikipedia A British regulator said on Friday that banks clearing gold trades in London could apply for an exemption from tighter capital rules due in January 2022, removing what some said was a threat to the functioning of the market. London is the world’s biggest physical precious metals trading hub. Its clearing system, operated by a handful of large banks with access to metal in vaults, settles gold transactions worth around $30 billion a day. Sign Up for the Precious Metals Digest

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