ICE Benchmark Administration to Take Over London Gold Fix

Reuters reported that the London Bullion Market Association (LBMA) has put ICE Benchmark Administration in charge of the London gold price fix. ICE will take over in the first quarter of 2015 and will put an electronic system in place.

As quoted in the  market news:

‘We look forward to working closely with the LBMA and the precious metals industry as we deliver an IOSCO-compliant benchmark that fulfils the requirements of market participants in an efficient and transparent manner,’ ICE Benchmark Administration president Finbarr Hutcheson said.

Since 1919 and up until 2014, representatives from a handful of banks had agreed a price daily on which their customers – producers, consumers and investors – could trade and value the metals.

But a regulatory push for more transparency has heralded a move to electronic solutions that display selling and buying order volumes.

Click here to read the full Reuters report.