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Wednesday, 10th November 2004 (4203 views)

London Precious Metals Clearing (LPMCL) has announced it has set up a new electronic matching system to help enhance the clearing process.<BR/><BR/>The firm is responsible for the administration each day of clearing gold and silver in the London market, on behalf of its five members.<BR/><BR/>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.<BR/><BR/>It is hoped the move will not only improve efficiency but also allow for a more comprehensive audit trial.<BR/><BR/>According to LPMCL, the daily averages for bullion clearing during September were 12.4 million troy ounces of gold worth US$5.0 billion.<BR/><BR/>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.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7028142"/>

 

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