Gold trading banks are preparing to significantly reduce their positions on CME Group's Comex exchange in New York, nine people familiar with the plans said, shifting more trading to London and raising costs for thousands of investors.
LONDON - Gold trading banks are preparing to significantly reduce their positions on CME Group’s Comex exchange in New York, nine people familiar with the plans said, shifting more trading to London and raising costs for thousands of investors.
Many banks have already reduced their day-to-day trading on Comex since the market disruption but they are worried that prices could diverge again and some now intend to reduce their open positions by between 50%-75%, sources at six lenders said. “We continue to work with market participants to evolve our offerings and continue to ensure our products deliver the most liquid, cost effective and transparent risk management tools,” the CME said in a statement, adding that trading so far this year was higher than a year ago.HSBC, JPMorgan, UBS and other lenders use Comex futures to hedge their exposure to the gold market in London. Banks are the exchange’s single biggest user group, accounting for more than a third of all Comex contracts.
Around 400 tonnes of eligible gold worth $22 billion has been shipped to Comex-registered vaults since late March, according to CME data.Rival exchanges such as the London Metal Exchange could also pick up customers because banks still want to use a futures market.
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