LBMA Said to Invite LME, ICE to Propose Gold Trading Platform
- CME also among firms asked to bid to create hub, people say
- Decision on service provider to be made in second quarter
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The London Metal Exchange and Intercontinental Exchange Inc. are among companies that have been invited by the London Bullion Market Association to submit proposals to develop a precious-metals trading platform in the city, according to two people familiar with the matter.
CME Group Inc. and a joint venture between Autilla Ltd. and the London Stock Exchange Group Plc have been invited to bid, said the people, who asked not to be identified because the matter is private. A partnership between Markit Ltd. and Allocated Bullion Solutions Pte Ltd. is also part of the group, they said. Bids are expected by mid-March and a service provider is likely to be selected in the second quarter, the LBMA said Thursday.