Reuters reported that starting March 20, 2015, ICE Benchmark Administration (IBA) will run an electronic gold price benchmark that will replace the current London gold fix.
As quoted in the market news:
IBA, a subsidiary of the Intercontinental Exchange, will provide the price platform and methodology as well as the overall administration and governance for what will become the LBMA Gold Price.
Three exchanges will run price benchmarks for gold, silver, platinum and palladium, with banks and brokers submitting their orders during the transaction-based process.
The Chicago Mercantile Exchange, jointly with Thomson Reuters, kicked off the overhaul, taking over administration of the silver benchmark in August.
The London Metal Exchange, part of Hong Kong Exchanges and Clearing Ltd, has been running the platinum and palladium fixes since December.