The new and tighter regulatory environment has left bullion banks in a state of transformation, leaving exchanges to seize the new opportunities.
Speaking at the Hong Kong Exchanges & Clearing (HKEX) precious metals seminar during LME Week Asia on Tuesday May 15, managing director of Scotiabank Sunil Kashyap highlighted the challenges bullion banks face following over-the-counter (OTC) regulations and the impact on the value chain. "Now you have to report everything, if you are regulated by five different regulators then you have to report each trade, to all five, within 24 hours. It is time consuming," Kashyap said. "There is a...