Wednesday, 10th November 2004 (2744 views)

London Precious Metals Clearing (LPMCL) has announced it has set up a new electronic matching system to help enhance the clearing process.

The firm is responsible for the administration each day of clearing gold and silver in the London market, on behalf of its five members.

The new system came into effect on November 8 and is a move by the company to embrace modern technology since volumes are so high.

It is hoped the move will not only improve efficiency but also allow for a more comprehensive audit trial.

According to LPMCL, the daily averages for bullion clearing during September were 12.4 million troy ounces of gold worth US$5.0 billion.

The five members of the LMPCL are the Bank of Nova Scotia - ScotiaMocatta, Deutsche Bank AG - London branch, HSBC Bank USA National Association - London branch, JPMorgan Chase Bank and UBS AG - London branch.

 

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