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Administrators Sought For London Gold Fixing; New Survey Announced

By Allen Sykora Kitco News
Thursday September 4, 2014 1:30 PM

(Kitco News) - London Gold Market Fixing Limited and the London Bullion Market Association Thursday said they are asking for proposals from third parties to administer the London gold fixing, as well the simultaneous launch of a survey to gather further feedback from market participants.

Back in July, the LGMFL said it began a request-for-proposal process with the aim of appointing a third party to administer the gold fixing. A new silver fixing began in August.
The LGMFL and LBMA said they are now are now inviting potential third-party providers who are interested in submitting a proposal to e-mail Au.Consult@lbma.org.uk.

“Having successfully launched the LBMA silver price, the market looks forward to the gold price RFP,” said Ruth Crowell, chief executive of the LBMA. “The LBMA acknowledges the uniqueness and importance of the gold market and further consultation will help to ensure market-wide participation and support for the move to third-party administration of the pricing mechanism.”

The LBMA described the process as “open” and said “all possible solution providers are encouraged to engage.”

The organization said the goal is to announce a third-party administrator for the gold fixing in October, with implementation completed by the end of the year.

Additionally, the LGMFL and LBMA said they are launching a “gold market consultation” on the gold-fixing process to gather further feedback.

“All market participants are encouraged to participate,” the organizations said in a news release. “Once proposals have been received, a market seminar and further market survey will be conducted. Interested parties are invited to complete the LBMA’s online gold market survey or email Au.Consult@lbma.org.uk to submit a more detailed response.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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