LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
INTL FCStone Inc. (NASDAQ:INTL) today announced that its London-based subsidiary, INTL FCStone Ltd’s Precious Metals division is now a Direct Participant to the London Bullion Market Association (LBMA) Gold Auction, having been approved to participate in the process earlier this month.
ICE Benchmark Administration (IBA) introduced central clearing to the twice-daily London gold auction, removing the need for firms to have significant bilateral credit lines in place with each other to become a Direct Participant. INTL FCStone Ltd. joins nine other firms taking part in the auction process.
To be a Direct Participant of the LBMA Gold Auction is a major step for INTL FCStone,” said Barry Canham, Global Head of Precious Metals. “We are continually driving our business forward to improve our client offering and cementing our prominent position in the global bullion market.
A range of criteria must be met for a company to qualify as a Direct Participant in the Gold Auction.
In addition to being a member of the LBMA, a particular skill set and level of experience must be met by individuals within the organization, and the Direct Participant must also be able to settle Loco London Gold and clear using the ICE Gold Daily Futures Contract.