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Exclusive - London Gold Rush

Intercontinental Exchange (ICE) is set to launch clearing for London's benchmark gold price auction before participants are ready as it races to prevent rivals muscling in on the city's $5 trillion-a-year bullion market, market and banking sources said. Clearing - where an exchange acts as an intermediary to guarantee and settle trades - is regarded as a necessary progression for the gold trade as tighter regulatory capital requirements increase the cost of trading off-exchange. ICE, the London Metal Exchange (LME) and CME Group are competing to offer services through futures contracts and grab the biggest slice of the new business.

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