(July 29,2014) The banks that conduct the century- old gold fixing and the London Bullion Market Association will seek proposals next month for a new administrator to run a revamped process for the benchmark by year-end. The process will be open and not restricted to firms who pitched to run a mechanism that will replace the silver fixing on Aug. 15.
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. The gold fixing company and the LBMA will continue discussions with the U.K.’s Financial Conduct Authority and market participants, according to today’s statement.
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