By Nicholas Larkin
Bloomberg News
Wednesday, July 16, 2014
LONDON -- The banks running the century-old London gold fixing that's used by miners and central banks to trade and value metal are proposing changes to the process, according to two people with knowledge of the matter.
The proposal is for an independent chairman and third-party administrator, said the people, who asked not to be identified because the information is private. Deutsche Bank AG’s exit from the process this year as it scales back its commodities business left Societe Generale SA, Bank of Nova Scotia, HSBC Holdings Plc and Barclays Plc to set the fixing price twice a day by phone.
A similar ritual for silver will be replaced by an electronic, auction-based mechanism run by CME Group Inc. and Thomson Reuters Corp. next month after Deutsche Bank's planned withdrawal would leave just two banks to conduct fixings for that commodity. Precious metals are getting more attention from regulators after price-rigging in everything from interbank lending rates to currencies led to fines and overhauled financial benchmarks. ...
... For the complete story:
http://www.bloomberg.com/news/2014-07-16/gold...-to-propose-...
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