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.
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