Reuters reported that the London Gold Market Fixing Ltd. has put a supervisory committee in place to oversee the price-setting system “ahead of the implementation of stricter regulations.”

As quoted in the market news:

The London Gold Market Fixing Ltd’s new board is made up of compliance officers at the four banks that currently set the twice-daily auction process over the telephone.

The appointment of the committee comes after the company said this month it was seeking a third party to take over administration of the process.

Other changes, which will include a new code of conduct for participants and the appointment of an independent chairperson, are widely seen as the first steps toward a move to an electronic platform which will broadcast it to a wider audience.

Click here to read the full Reuters report.