UK FCA could intervene in gold and commodity prices
Adam Pike, News Editor
1 May 2014, 10:12 a.m.
The UK’s financial regulator, the FCA confirmed they would be willing to intervene in the setting of commodity benchmarks including gold and silver. The news follows Deutsche Bank’s decision to resign from their seat on the London gold and silver fix after failing to find a buyer.
Tracey McDermott, head of enforcement and financial crime at the FCA, confirmed the regulator would intervene in the price setting process if they felt there was a risk to the market due to a lack of willing participates.
The four remaining members of the gold fix will be HSBC Holding, Barclays Bank, Bank of Nova Scotia and Societe Generale.