CME Group Interested in Running London Gold Fix

Reuters reported that CME Group said today that it’s interested in administering the London gold fix with Thomson Reuters. The two firms were recently named the new operators of a new silver benchmark that will replace the London silver fix.

As quoted in the market news:

London Gold Market Fixing Ltd, the company working on behalf of gold fixing banks Barclays, HSBC, Societe Generale (SOGN.PA) and Bank of Nova Scotia (BNS.TO), said it would ask for proposals so it could appoint a new administrator for the benchmark.

CME managing director of metals products Harriet Hunnable was first out of the blocks, saying the exchange would bid to be involved in a new process, which may turn the current twice-daily price-setting conference call into an electronic auction.

The Chicago exchange’s parent company CME Group (CME.O) and Thomson Reuters (TRI.TO) were named last week as the new operators of the electronic benchmark for silver that will also include an increased number of participants, in a move likely to precede sweeping reforms of the way precious metals are priced.

Click here to read the full Reuters report.