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London Gold Fix - Request for Proposal Timing

Tuesday, July 29, 2014

The LBMA and the London Gold Market Fixing Limited (LGMFL) will start soliciting proposals and open market consultation in late August.

The London Gold Market Fixing Limited (LGMFL) announced on 16th July that with support from the LBMA it has commenced an RFP process with a view to appointing a third-party to assume the responsibility for the administration of the London Gold Fixing.

The LGMFL & LBMA have agreed to start soliciting proposals and open a market consultation in late August, in order to allow the market to focus on the implementation of the new London Silver Price. The London Silver Price will go live on 15th August and potential participants are encouraged to contact the LBMA for more details.

For the London Gold Fix RFP, all potential third-party providers who are interested in the RFP process will be invited to respond in late August. This will be an open process, i.e. it will not be restricted to just those companies who provided proposals for the London Silver Price. Further details will be announced nearer the time. However, it is envisaged that a third party administrator for the Gold Fix will be announced in late September and that implementation will be complete by the end of 2014.

In the meantime, the LGMFL and the LBMA will continue their discussions with the FCA and Gold Market participants. Potential third-party administrators and stakeholders wishing to be contacted as part of the consultation and are invited to email Au.Consult@lbma.org.uk. The LGMFL and the LBMA will be in touch with further details in late August.

Ruth Crowell, Chief Executive of the LBMA commented “I am pleased the LGMFL have requested the support of the LBMA in the RFP process for the administration of the London Gold Fix. The bullion market needs, initially, to concentrate on the London Silver Price implementation which is in its final stages of testing. However we look forward to focusing on gold from late August”.

For further information please contact
London Bullion Market Association
Aelred Connelly, PR Officer, on
Tel: +44 (0)20 7796 3067 or Au.Consult@lbma.org.uk

London Gold Market Fixing Ltd
Andrew Walton, FTI Consulting
Tel: +44 20 3727 1514 or
Andrew.Walton@fticonsulting.com
 

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