China Construction Bank said preparing to join London gold price fix

Section:

ICE Benchmark Administration Announces Two New Direct Participants to the Gold Auction

Company Press Release
via Business Wire
Monday, June 22, 2015

LONDON -- Intercontinental Exchange, the leading global network of exchanges and clearing houses, today announced that two new direct participants have been approved by ICE Benchmark Administration (IBA) to participate in the gold auction, which is used to determine the LBMA Gold Price.

The new direct participants are Morgan Stanley and Standard Chartered. It was announced last week that Bank of China has been approved to participate in the gold auction. All three new participants join today.

Since assuming administration of the LBMA Gold Price, IBA has grown the number of direct participants in the auction from four to 10.

Further new participants are expected in the coming weeks, including China Construction Bank, which is on track to become the 11th direct participant.

Volumes have also increased significantly, with average daily volumes for the morning and afternoon gold auctions more than doubling, compared with the five months prior to IBA's administration. ...

... For the remainder of the statement:

http://www.businesswire.com/news/home/20150622005467/en/ICE-Benchmark-Ad...



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