Bullion market eyes e-platform to revamp London gold benchmark
By Clara Denina and Jan Harvey
Monday, March 31, 2014
LONDON -- As regulators investigate the transparency of global financial benchmarks, bullion banks are contemplating a move to electronic platforms that would shed more light on the London gold fix, a widely used reference price, sources said.
A growing number of technology providers are competing to offer a more transparent way of disseminating information that shows how the price of the $20 billion-a-day trade is settled.
The move was prompted by growing regulatory scrutiny after the London Interbank Offered Rate rigging scandal exposed widespread interest-rate manipulation in 2013.
"Could the regulators say, 'We'll let this (the daily gold settlement) carry on but only with massive transparency brought to it?' The answer is yes, because we know the technology is being developed to do that," a senior banking source said. ...
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