Gold Trading in Moscow Gets a Boost After London Tie-Up – by Yuliya Fedorinova and Evgenia Pismennaya (Bloomberg News – October 19, 2021)

(Bloomberg) — The Moscow Exchange plans to further boost gold trading in the world’s No. 2 miner after creating closer ties to the key London market.

The bourse in September started a link so users can trade spot gold at London prices using its own clearing system and with international banks including JPMorgan Chase & Co. and Credit Suisse Group AG providing liquidity. The aim is to make trading easier for participants from miners to retail investors, and the exchange is working on a similar link with Shanghai, possibly for next year.

Russia ranks behind only China for mine output, but its trading volumes are small compared with major centers such as London or New York. The nation’s miners typically sell to a few — mostly state-run — local lenders for export, or, previously, to the central bank.

Still, the Moscow Exchange has tried to develop gold trading in recent years and saw volumes in the first nine months triple from last year’s total on more interest from retail clients via brokers.

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