London's 'reformed' gold fix mechanism gets all of two new participants

Section:

Goldman, UBS Join Former 'Fixing' Banks for New LBMA Gold Price

By Jan Harvey
Reuters
Friday, January 20, 2015

LONDON -- The new London Bullion Market Association Gold Price went live for the first time on Friday, with Goldman Sachs and UBS joining the four members of the now-defunct gold "fix" in setting its electronic replacement.

Goldman and UBS joined Barclays, HSBC, Bank of Nova Scotia, and Societe Generale to set the new benchmark gold price, administered by ICE Benchmark Administration, at 10:30 GMT on March 20.

The first LBMA Gold Price was set at $1,171.75 an ounce, after five rounds of an auction to strike a balance between bids and offers.

"The London gold fixing was eclipsed today," Ross Norman, chief executive of Sharps Pixley, said. "The key question is: Will users have the necessary confidence in the number? My gut feeling is that, with six participants, yes is the answer." ...

... For the remainder of the report:

http://www.reuters.com/article/2015/03/20/us-gold-fix-idUSKBN0MG0YF20150...



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