FCA observing gold fix calls
Adam Pike, News Editor
25 Apr 2014, 10:48 a.m.
The UK’s Financial Conduct Authority (FCA) has visited French bank, Societe Generale, to observe the process underpinning the London gold fix, according to two industry insiders. FCA representatives visited the Societe Generale’s London office to observe both the Am and Pm London fix conference calls. Both the FCA and Societe Generale have failed to respond to questions regarding the visit.
The gold fix is a pricing benchmark used by industry participants such as central banks and jewellers to price deals. This latest news closely follows Deutsche Bank decision to sell its seat on the fix following an investigation by the German regulator into possible gold price manipulation.
The five members of the gold fix are HSBC Holding, Barclays Bank, Deutsche Bank, Bank of Nova Scotia and Societe Generale.