LONDON GOLD FIXING – Call for Solution Providers & Market Consultation
Thursday, September 04, 2014
The London Gold Market Fixing Limited (LGMFL) announced on 16th July that, with support from the LBMA, it had commenced a Request for Proposal (RFP) process with a view to appointing a third-party to assume responsibility for the administration of the London Gold Fixing. LGMFL & LBMA are now inviting potential third-party providers who are interested in the RFP process to email Au.Consult@lbma.org.uk.
This is an open RFP process and all possible solution providers are encouraged to engage. It is envisaged that a third-party solution provider for the Gold Fixing will be announced in October and that implementation will be complete by the end of 2014. The LGMFL & LBMA will continue to liaise with the regulators as well as Gold Market participants during the RFP & implementation process.
Simultaneously, the LGMFL & LBMA have launched a Gold Market consultation on the Gold Fixing process to gather further feedback. All market participants are encouraged to participate. Once proposals have been received, a market seminar and further market survey will be conducted. Interested parties are invited to complete the LBMA’s online Gold Market Survey or email Au.Consult@lbma.org.uk to submit a more detailed response.
Ruth Crowell, Chief Executive of the LBMA commented
“Having successfully launched the LBMA Silver Price, the market looks forward to the Gold Price RFP. The LBMA acknowledges the uniqueness and importance of the gold market and further consultation will help to ensure market-wide participation and support for the move to third-party administration of the pricing mechanism”.
For further information please contact
London Bullion Market Association
Aelred Connelly, PR Officer
Tel: +44 (0)20 7796 3067 or Au.Consult@lbma.org.uk