On Friday the London Bullion Market Association (LBMA) announced they have shortlisted five companies to administer the new electronic gold fix.

From an initial list of eight companies Autilla Ltd, CME Group Inc., ICAP Plc, EBS Service Co. Ltd and the London Metal Exchange will battle it out to run the new Gold Fix.

A winner will be announced by the end of November and the revamped fix is expected to go live by the end of 2015.

The gold fix is a pricing benchmark used by industry participants such as central banks and jewellers to price deals.

Pricing benchmarks have come under increased scrutiny following the libor scandal where a number of banks were heavily fined for manipulating the interbank lending rate. Earlier this year Deutsche Bank sold its seat on both the London Gold and Silver fix following an investigation by the German regulator into possible gold price manipulation.

On Thursday the LBMA surprised the markets by announcing the London Metal Exchange has won the right to administer the new platinum and palladium fixes.