Reuters AIG no longer an LBMA market maker in gold, silver
Tuesday June 1, 8:04 am ET
LONDON, June 1 (Reuters) - AIG International Limited, part of American International Group Inc (NYSE:AIG - News), will no longer be a London Bullion Market Association (LBMA) market maker in gold and silver, the LBMA said on Tuesday.
LBMA Chief Executive Stewart Murray told Reuters AIG had been reclassified as a member and so would still trade, with effect from close of business on Friday May 28.
AIG (XETRA:IREG.DE - News) was a first-tier market maker and dealer in over-the-counter spot, forward, option and swap markets in precious metals. Murray said the company requested to be reclassified.
AIG was not immediately available for comment.
After the sudden withdrawal of NM Rothschild from commodities trading in April, AIG 's decision takes the number of bullion market makers down to eight.
The remaining market makers include members of the London gold fix -- which sets the price of the metal twice daily -- the Bank of NovaScotia, Deutsche Bank AG (XETRA:DBKGN.DE - News), HSBC Bank (NYSE:HBA_pe - News) USA and Societe Generale (Paris:SOGN.PA - News). Barclays Capital will be the fifth fixing member as it purchased Rothschild's seat earlier this week.
The non-fixing market makers are J. Aron, a unit of Goldman Sachs (NYSE:GS - News), J.P. Morgan, and UBS.
Although bullion has had a decent run higher in the past year as prices moved to 15 year highs in early January on a flailing dollar and global security worries, analysts have said this does not mean that players in the market are raking in cash due to thin liquidity.
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