-->Eben gefunden (und geklaut) im goldseiten.de Forum:


http://home.businesswire.com/portal/site...692&newsLang=en

April 14, 2004 12:29 PM US Eastern Timezone

N M Rothschild and Sons UK Regulatory Announcement: Commodities Trading

LONDON--(BUSINESS WIRE)--20040414T1629+0000--

Commodities Trading

N M Rothschild & Sons Limited, London announces that it is withdrawing from commodities trading, including gold.

This decision has been taken following a strategic review of the services offered by Rothschild and will result in the withdrawal from commodities sales and trading activities in London.

As part of this decision, Rothschild will be withdrawing from the twice daily London Gold Fixing which it currently Chairs. Discussions are being held with other members of the Fixing to ensure an orderly handover of the Chairmanship.

Rothschild will continue to provide advice, project finance, corporate banking and other services to its Natural Resources and Mining clients around the world.

The London announcement has minimal impact on metals sales and trading services from Rothschild's businesses in Australia and Singapore.

Announcing the decision, David de Rothschild, Chairman of N M Rothschild & Sons Limited, said:

Zitat:
"Our income from commodities trading in London, including gold, has fallen as a percentage of our total income in each of the past five years. Following a strategic review of our activities we have concluded that this is no longer a core area of activity and have, therefore, decided to withdraw from the market.

"The sustained growth of the Rothschild Group over the past decade has been a remarkable success story. We remain committed to growing further our activities in specialist commercial banking, private banking & trust services and objective relationship-based investment banking advice."


For further information:

John Antcliffe Smithfield 020 7360 4900

Short Name: N M Rothschild and Sons
Category Code: MSC
Sequence Number: 19271
Time of Receipt (offset from UTC): 20040414T172449+0100

-->

-->

-->

-->>Rothschild's retreat signals end of era
By Kevin Morrison and Charles Pretzlik
Published: April 14 2004 20:11 | Last Updated: April 14 2004 20:11


One of the oldest rituals in the City of London is about to change for ever with NM Rothschild exiting the gold business.


The London gold fixings has taken place twice a day on the third floor of Rothschild's office in St Swithin's Lane for the past 85 years.

Five men sit behind desks, each equipped with a little Union Jack. The men, deputed by investment banks with bullion trading activities, search for an agreed price after discussions with their dealing rooms and clients on the price for gold, in order to set a benchmark price for trading in gold each day.

The flags are waved to signal to the others that there is a change in view on the price from his dealing room. As long as any flag is raised, the price cannot be fixed.

The gold fix meetings take place at 10.30am and 3pm each working day - as they have done in the same offices, at the same time, and with almost the same parties - since the first meeting took place on September 12 1919.

The bizarre process was established after the First World War following the collapse of the gold standard, a regime where currencies were backed by gold.

Rothschild's long association with gold meant it chaired the fixing from the beginning.

Not only did Rothschild gold finance the Duke of Wellington's Napoleonic campaigns, but the bank had been a producer and refiner of gold.

Rothschild is the last name from the five banks at the first fix to have remained, but three of the current members - Bank of Novia Scotia, Deutsche Bank and HSBC - trace their roots to the original members. Rothschild's departure leaves a vacant seat, and the search for a new venue.

Rothschild's withdrawal from gold is part of a complete retreat from the commodity trading business

Hier geht es weiter:

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1079420346764&p=1045511528853

-->... Im Forum bei Goldseiten.de ist auch prompt schon eine erste Vermutung dazu...

Gruss

tofir