London

THE gold industry won't just be guessing where prices are heading at its annual gathering in Vienna this week. It will ponder how to change London's spot market, the biggest in the world.

The London Bullion Market Association, which oversees trading and is holding its annual conference starting Monday, has invited proposals on how to improve the city's over-the- counter market and suggested more detailed reporting of transactions. At the same time, the producer-funded World Gold Council has also agreed with five banks to talk about potentially starting standardised central clearing and listed derivatives.