LME首席运营官兼交易主管杰米·特纳表示："LME将把FCA的新要求融入现有的头寸管理控制体系，这 将使LME拥有更大的灵活性，确保头寸限制能够根据市场的特点量身打造，并与现有的监管措施协同 发挥作用。" 根据公告，LME计划于2026年2月发布关于拟议规则变更的咨询文件，以适配新制度。 此次规则调整的关键举措集中在风险敞口管控层面。LME明确提出，将在单个实体及集团层面以净额 为基础计算持仓仓位，并引入更具体的问责阈值。 整体来看，LME可以及时根据每个金属合约的具体特性（如市场规模、流动性、波动性）来校准头寸 限制。这意味着对波动性较大的合约可以进行更严格的控制，而对流动性充足的合约则可以采取相对宽 松的限制，使风控措施更加精准有效。 在发生市场挤仓或极端波动时，LME将能更快速地做出反应， 调整头寸限制或问责阈值，而不必经过冗长的监管审批流程。这有助于防止市场失序，更好应对类似于 伦镍危机的挑战。 近日，伦敦金属交易所（LME）发布声明，计划自2026年7月起执行持仓限额新规，此次规则调整旨在 全面遵守英国金融监管机构的相关要求，进一步强化市场风险管控能力，维护金属期货市场的平稳运 行。 据期货日报记者 ...

Core Insights - The rising gold prices have highlighted the investment value of gold, but increased market volatility has raised associated risks [1][2] - Major Chinese banks, including China Construction Bank and Industrial and Commercial Bank of China, have announced suspensions of certain gold accumulation services, indicating a shift in risk management strategies [1][3] Group 1: Market Dynamics - International gold prices have seen significant fluctuations, with prices exceeding $3,000 per ounce earlier in the year and approaching $4,400 per ounce in October, reflecting daily volatility of up to $300 per ounce [2] - The geopolitical tensions and changes in monetary policies of major economies have reinforced gold's status as a safe-haven asset, leading to increased retail investment in gold accumulation products [2][5] Group 2: Bank Responses - China Construction Bank has suspended real-time purchases, new investment plans, and physical gold exchanges, while allowing existing customers to continue their established plans, indicating a selective approach to risk management [3] - Industrial and Commercial Bank of China has raised the minimum investment threshold for its gold accumulation products and suspended new applications, reflecting a shift from encouraging broad participation to enhancing internal controls [3][4] Group 3: Industry Trends - Several banks, including Ningbo Bank, have increased the minimum purchase amounts for gold accumulation products, demonstrating heightened sensitivity to market risks [4] - The adjustments made by banks, such as raising investment thresholds and suspending physical gold withdrawals, suggest a move towards more cautious and sustainable growth in the gold investment sector [4][5] Group 4: Future Outlook - The long-term appeal of gold as a safe-haven asset remains intact, but the methods for individual investors to engage in gold investment are evolving towards more stable and long-term strategies [5] - The cooling of gold accumulation business is seen as a transition from rapid expansion to a more robust development phase, indicating a potential shift towards refined operational strategies in personal gold investment [5]