Third party sought to take over London gold fix

|By:, SA News Editor

Signaling a likely move to an electronic platform, London Gold Market Fixing, Ltd - working on behalf of the gold-fixing banks HSBC, SocGen, and Scotiabank - launches a request for proposal process with a view to appointing a new administrator for the benchmark.

"It is sensible to say that based on the feedback received for the silver alternative, the reformed gold system will also be electronic, auditable and transaction-based," says a London Bullion Market Association spokesman.

Previously: CME and Thomson Reuters to operate silver fix

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