e-platform to revamp London gold benchmark
Victoria Hewitt-Marsh, News Editor
1 Apr 2014, 11 a.m.
Following increasing scrutiny by regulators into the process underpinning the London gold fix, bullion banks are considering moving to an electronic platform which would make the process more transparent.
A number of technology companies are now competing to offer a clearer way of disseminating information that shows how the $20 billion-a-day London fix is settled.
Gold manufacturers and producers are becoming concerned that if the London gold fix is abandoned their costs could jump as regulatory requirements increase.
The five members of the gold fix are HSBC Holdings, Barclays Bank, Deutsche Bank, Bank of Nova Scotia and Société Générale.