| The London Bullion Market Association (LBMA) believes the gold industry is ready for wholesale reform, including a tailor-made mechanism to report daily turnover and potential clearing following 2014's shake-up of benchmarks. The transparency of financial markets has been a focus of global regulators after evidence of price manipulation in lending rates between banks with the LIBOR scandal in 2012.
Both gold and silver were included in a list of seven benchmarks that will be regulated by Britain's watchdog Financial Conduct Authority (FCA) from April. New rules on over-the-counter derivatives are expected in Europe by 2016, while a broader review of UK markets is now evaluating the introduction of mandatory clearing and transaction-reporting obligations for precious metals...............................................Full Article: Source
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