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Consultant assessing Deutsche's role in gold fix-rigging

  • Boston-based Charles River Associates was hired by Deutsche Bank (DB +1.7%) several months ago, reports the WSJ, to assess the extent of the bank's participation in the alleged rigging of the London gold fix.
  • Gold is traded around the clock, but there is no central source for prices, and a group of five meets twice a day in London to determine a snapshot, or fix. Other than Deutsche, the others are Barclays (BCS), HSBC, Scotiabank (BNS), and SocGen (SCGLY).
  • Deutsche last month announced its exit from the group, and Standard Chartered (SCBFF) reportedly is the front-runner to replace it.
  • Last week: A draft research paper finds strong evidence of mischief.
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