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Deutsche Bank to resign as London bullion clearer - sources

Reuters - UK Focus

By Clara Denina

LONDON, Aug 20 (Reuters) - Deutsche Bank (Other OTC: DBAGF - news) is to sever its last link with commodity trading by resigning as a clearing member of the London gold and silver over-the-counter business, two industry sources close to the matter said on Thursday.

The move leaves five banks - Barclays (LSE: BARC.L - news) , HSBC , Bank of Nova Scotia (Other OTC: BKSHF - news) , JP Morgan and UBS - to settle daily bullion transactions between dealers, amounting to more than $5 trillion worth of metal each year.

"Deutsche Bank is resigning as a shareholding member of the London Precious Metals Clearing (LPMCL) company," one of the sources said.

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Deutsche declined to comment.

The German bank was a founding member of the LPMCL, which was set up in 2001 to develop an electronic matching system to replace trading by phone or fax.

(Editing by Pratima Desai and Pravin Char)