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London's centuries-old gold market is to usher in an era of transparency with plans to reveal how much bullion is held in vaults in and around the city, including those controlled by the Bank of England.By providing greater transparency and data, the LBMA, whose members include HSBC and JPMorgan, hopes to head off the challenge and persuade regulators that banks trading bullion should not have to face more onerous funding requirements.Vaults owned by HSBC are used to back the largest gold exchange traded fund, the SPDR Gold Shares.Last year a gold vault owned by Barclays, which can house $80bn of bullion, was bought by China's ICBC Standard Bank.HSBC and JPMorgan, London's biggest bullion banks, are backing the initiatives by the LBMA to improve transparency.
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