JP Morgan, HSBC, Bank of Nova Scotia, Barclays and UBS settle daily bullion transactions between dealers. The banks own shares in the London Precious Metals Clearing company. The DT report said the banks will decide whether to accept or reject ICBC Standard Bank's application within the next few months.

The Chinese bank, the largest in the world by assets, has already pushed hard at become the leading clearing bank for renminbi transactions around the world.