| NEW YORK, Sept 25
NEW YORK, Sept 25 The London Bullion Market
Association (LBMA) said on Thursday it appointed Citigroup as a
market maker, underscoring the bank's ambitions to expand into
the precious metals sector while others are exiting due to
LBMA said it named Citibank NA, a unit of Citigroup,
as a spot market-making member effective Thursday.
Currently, LBMA has 12 market makers which serve in either
one, two or all three of the spot, forwards and options markets.
They make markets by quoting two-way prices in both gold and
silver products to other market makers.
In July, Citi named Giovanni Laureri as its head of precious
metals sales in Europe, Middle East and Africa. Laureri was
formerly an executive director of precious metals with UBS,
according to his Linkedin profile.
With the exception of Citi, other global banks have mostly
reduced exposure to gold and silver trading, driven by increased
scrutiny of precious metals 'fixes' by European and U.S.
watchdogs in the wake of benchmark manipulation in other
Earlier this month, the LBMA has formally started the
process to find a new administrator for the century-old
mechanism that will halt the telephone call that four
institutions enter twice a day in favor of an electronic
(With additional reporting by Clara Denina in London; editing
by Andrew Hay)