Kate Eged will head the London’s Metal Exchange (LME) precious metals team from October 12, FastMarkets understands.
Eged has been with the LME for almost three years as its chief of staff. Prior to joining the LME, Eged worked at NYSE for almost five years.
With support from five banks and one proprietary trading house, the LME and the World Gold Council (WGC) will launch new spot, futures and options contracts for gold and silver in the first half of 2017, the exchange announced last month.
London’s gold market is primarily over-the-counter (OTC), with trades taking place privately between counterparties rather than on an exchange.
The LME has not traded precious metals since the 1990s. The exchange lost out in the race to administer the London gold fix in November 2014 – it is now in the hands of ICE. But it won the administration of the platinum and palladium price fixes in October 2014.
The LME’s only foray into gold futures trading dates back to 1982 when it joined gold industry participants to launch the London Gold Futures Market (LGFM). But the lack of domestic and speculative investors caused the market to close within three years.
(Editing by Mark Shaw)
The post Kate Eged to head LME’s precious metals team appeared first on The Bullion Desk.
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