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LBMA Gold Price - Two more join as participants

Monday, June 22, 2015

The LBMA is pleased to announce that Morgan Stanley and Standard Chartered have been approved to participate in the LBMA Gold Price auction process, which is administered by ICE Benchmark Administration (IBA).

This follows the announcement last week that Bank of China had been approved. The three banks are eligible to participate, with effect from today, 22 June, 2015.

The addition of Morgan Stanley and Standard Chartered takes the total number of direct participants, who currently participate in the auction process, to ten: Barclays Bank, Bank of China, Goldman Sachs International, HSBC Bank USA NA, JP Morgan, Morgan Stanley, Societe Generale, Standard Chartered and The Bank of Nova Scotia - ScotiaMocatta and UBS.

Ruth Crowell, Chief Executive of the LBMA, commented “I am delighted to see two more direct participants join the LBMA Gold Price auction process. In the wake of the publication of the FEMR report earlier this month, this adds greater liquidity and transparency to the benchmark. The addition of these two global banks adds a wider international presence and complements Bank of China joining last week.”

Jeremy East, Head of Metals Trading at Standard Chartered Bank commented, “Standard Chartered is a market making member of the London Bullion Market Association and we’re proud to become a participant in the ICE Benchmark Administration gold auction. Being an active participant will enable Standard Chartered to better serve our gold client base, and help promote a transparent pricing mechanism for LBMA Gold Price setting.”

IBA operates twice daily, physically settled, electronic and tradable spot gold auctions at 10.30am and 3.00pm UK time. The price formation is in US Dollars (USD), with indicative settlement prices in Euro (EUR) and Pound Sterling (GBP). At the end of the auction IBA publishes the benchmark in USD, EUR and GBP. Since April 1, 2015, the LBMA Gold Price is a regulated benchmark under the supervision of the UK’s Financial Conduct Authority (FCA). The LBMA holds the Intellectual Property (IP) rights for the price.


LBMA Media Contacts:
Aelred Connelly
+44 20 7337 9786 
aelred.connelly@lbma.org.uk 


 

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