15 Firms Interested in Replacing London Gold Fix

Reuters reported that at least 15 firms have shown interest in replacing the London gold fix. A replacement is expected to be chosen by the end of the year.

As quoted in the market news:

The London Bullion Market Association (LBMA) and the four banks currently administering the price-setting mechanism by conferring in London by telephone had said earlier this month that their choice for a new operator would be announced in October, but the process is likely to take longer.

Bank of Nova Scotia, HSBC, Societe Generale and Barclays currently set the benchmark. Deutsche Bank withdrew in May after two decades.

The LBMA launched a consultation with market participants this month, including central banks and miners, to assess how they want prices to be derived. It will hold a seminar in October for shortlisted proposals.

Click here to read the full Reuters report.