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ICE to run replacement for century-old London gold fixing
By Nicolas Larkin
Bloomberg News
Friday, November 7, 2014
LONDON -- CE Benchmark Administration will run the replacement for the 95-year-old London gold fixing, as benchmarks for other precious metals were overhauled this year.
Intercontinental Exchange Inc.'s IBA will provide a price platform and methodology and administer the procedure that now takes place by phone each day at 10:30 a.m. and 3 p.m., the London Bullion Market Association and ICE said today in statements. Societe Generale, Bank of Nova Scotia, HSBC Holdings,and Barclays currently conduct the fixings used by miners to central banks to trade and value metal.
Silver became the first precious metal to ditch the daily fixing procedure in August after Deutsche Bank AG said it would stop taking part as it scales back its commodities business. A new mechanism will replace platinum and palladium fixes on Dec. 1. Scrutiny on how benchmarks are set increased after regulators uncovered price-rigging in everything from interbank-loan rates to currencies. IBA said it expects to start running the LBMA Gold Price in the first quarter of next year. ...
... For the remainder of the report:
http://www.bloomberg.com/news/2014-11-07/ice-to-run-replacement-for-cent...
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