Century-old London Gold Price Benchmark Getting Overhauled

The operator of the London gold price benchmark said on Thursday it has begun the process of looking for a new administrator that will replace the traditional twice-a-day phone call used by institutions.

According to Reuters:

The London Gold Market Fixing Ltd (LGMFL), along with the London Bullion Market Association (LBMA), said in a statement that the choice will be announced in October, and implementation will be complete by the end of 2014.

The price-setting process, also known as the fix, has been used by producers, consumers and investors to trade gold and value their shares since 1919.

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