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Moving on from Libor, the CFTC is reportedly having an informal look at whether the London fix...
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Wednesday, March 13, 5:25 PM ETMoving on from Libor, the CFTC is reportedly having an informal look at whether the London fix for gold and silver is open to manipulation. Gold prices are set twice daily by five banks via teleconference (silver by 3), with the fixings then used worldwide as benchmarks for any number of transactions. The banks involved: BCS, DB, HBC, BNS, SCGLY.PK.
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This news story has 3 comments:
What a joke...
The futures traders would buy or sell based upon which ever bank's price fix they choose.
At the end of the day, the prices are published and the traders can see if they made any money.
The bank with the most "Bank X Undisclosed Price" trades (i.e. the bank that sets the best or most accurate price) gets a commission on all trades for that day.