ICE to Administer New LBMA Gold Fix

Kitco News reported that the London Bullion Market Association (LBMA) gold fix, which is to replace the London Gold Fix in March of this year, will be administered by the Intercontinental Exchange Inc. (NYSE:ICE).

As quoted in the market news:

Previously announced in late 2014, the exchange’s ICE Benchmark Administration (IBA) will head the pricing mechanism, which it said will transition to a physically settled, electronic and tradeable auction, with the ability to participate in three currencies: USD, EUR and GBP.

Finbarr Hutcheson, president of the IBA, commented:

We are encouraged by the number of firms who have shown interest in being participants in the new, electronic auction. Expanding the number of participants in the auction will increase the transparency and robustness of the data used to calculate the benchmark, giving a better representation of the market price.

Click here for the full Kitco News report.