April 30, 2019 / 11:22 AM / 3 months ago

CORRECTED (OFFICIAL)-Societe Generale resigns as London gold and silver market maker

(Amends story after SocGen corrects its statement that it made markets only in gold)

By Peter Hobson

LONDON, April 30 (Reuters) - The London Bullion Market Association (LBMA) said Societe Generale had resigned as a market maker for gold and silver, as France's third-largest bank pushes ahead with a downsizing of its commodities business.

SocGen said this month it would cut 1,600 jobs to boost profits after poor performance last year and exit over-the-counter commodities trading.

SocGen declined to comment on its resignation.

In over-the-counter trading deals are done bilaterally between banks and brokers rather than on a financial exchange. London is the world's largest over-the-counter gold trading hub, overseen by the LBMA.

Market makers commit to provide liquidity to the market. SocGen's exit leaves 12 LBMA market-making banks including JPMorgan, HSBC and BNP Paribas.

Reporting by Peter Hobson; editing by Veronica Brown and Dale Hudson

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