OTC

Gold/Jim Rickards: Russia just bought 22 tonnes of gold in May. Brings total reserves to 1,700 tonnes. No news on how much bitcoin they bought. My guess is....zero.
Intercontinental Exchange (ICE) is looking into setting up a London-based metals trading system, industry sources familiar with the matter said, more than four years after its failed attempt to buy the London Metal Exchange.
Despite the increased role of collateral as the primary risk mitigator for OTC markets, the processes employed in the exchange of collateral are inefficient, error prone and leave an unacceptable amount of risk in the market.

Below is a letter from the National Cattlemen’s Beef Association to the CME that originally was posted on the “Points and Figures” blog (commentary follows

Intercontinental Exchange, a network of exchanges and clearing houses, announced today that it has entered into a definitive agreement to acquire Trayport for $650 million in ICE common stock.
The Over-the-Counter (OTC) Derivatives Regulators Group (ODRG) issued a report today that provides an update to the G20 Leaders regarding the ODRG’s continuing effort to identify and resolve cross-border issues associated with the implementation of the G20 OTC derivatives reform agenda.
The largest Wall Street banks are fighting a new policy that gives the CFTC broad authority in overseas derivatives deals.
The Moscow Exchange has announced that it expects to introduce gold and silver trading this month, making the precious metals more accessible to smaller banks. Prices will be quoted in rubles per gram, minimum trades start at 10g of gold and 100g for silver.
Commodities traders who buy and sell as much as $5.67 trillion of raw materials a year say the benchmark prices for everything from oil to iron ore to gasoline are wrong as often as 27 percent of the time.
There are many ways to trade the energy markets. Some traders go the straight buy/sell futures route, but when it’s volatile, the best option is looking at the OTC market and playing different grades of crude.