Citigroup’s Heathrow Vault Quest Threatens JPMorgan’s Role in $1 Trillion Gold Market; 14 ETFs Shift Exchanges
Citigroup plans a high-security gold vault near Heathrow and is seeking London clearing membership, potentially challenging JPMorgan’s position in the $1 trillion bullion market. On April 16, J.P. Morgan Asset Management will transfer listing of 14 active ETFs among Nasdaq, NYSE Arca and Cboe BZX exchanges.
1. Citigroup Eyes Heathrow Gold Vault and Clearing Membership
Citigroup is partnering with Malca-Amit to open a high-security vault near Heathrow Airport and is progressing toward London clearing membership. This would place it alongside JPMorgan Chase, HSBC, ICBC Standard Bank and UBS in managing daily settlement flows within the $1 trillion bullion infrastructure, intensifying competition as gold prices have risen about 45% over the past year.
2. J.P. Morgan Asset Management to Shift 14 Active ETF Listings
Effective April 16, J.P. Morgan Asset Management will change the listing exchanges for 14 ETFs—including the Active High Yield ETF (JPHY), ActiveBuilders Emerging Markets Equity ETF (JEMA) and BetaBuilders U.S. Aggregate Bond ETF (BBAG)—across Nasdaq, NYSE Arca and Cboe BZX. The re-listing seeks to optimize trading venue efficiency and could affect liquidity, trading volumes and fee structures for these funds.