The New LBMA Gold Price to be launched on 20th March 2015
Thursday, February 19, 2015
The LBMA is pleased to announce that the new LBMA Gold Price, which replaces the long established London Gold Fix, will be launched on 20 March, 2015. As previously announced ICE Benchmark Administration (IBA) are the new administrators of the LBMA Gold Price. The intellectual property rights will be held by 'Precious Metals Prices Limited', a newly established subsidiary company of the LBMA.
As the administrator of the LBMA Gold Price, IBA will operate a physically settled, electronic and tradeable auction process. The price formation will be in dollars and prices will continue to be set twice daily at 10:30 and 15:00 (London time) in three currencies: USD, EUR and GBP. Within the process, aggregated gold bids and offers will be updated in real-time with the imbalance calculated and the price updated every 30 seconds until the buy and sell orders are matched. Participants, as well as sponsored clients, will be able to manage their orders in the auction in real time via their desktops.
Ruth Crowell, Chief Executive of the LBMA said today
"Following the launches of the LBMA Silver Price and the LBMA Platinum and Palladium Prices in 2014, the launch of the new LBMA Gold Price on 20 March means that all four precious metal prices will be on electronic auction platforms, independently administered with increased participation and transparency. The LBMA owns the intellectual property rights to all four prices. This ownership unifies and coordinates all London precious metal prices under one single entity and ensures continuity of these important benchmarks."
The LBMA Gold Price will continue to be available on the LBMA website as well from a variety of major data vendors. The current instrument codes and tickers will remain unchanged. Anyone interested in acquiring a Data Licence Agreement are advised to contact IBA.
For FAQs please click here.
LBMA Media Contacts:
+44 20 7337 9786
07802 292 252
IBA Media Contact:
+44 20 7429 4584
IBA Technical Contact including questions relating to Data Licencing requirements:
+44 (0)20 7429 7103
About the London Bullion Market Association
The LBMA is the international trade association that represents the wholesale over-the-counter market for gold and silver bullion. The LBMA undertakes many activities on behalf of its members and the wider market, including the setting of good delivery and refining standards, the organisation of conferences and other events, and serving as a point of contact for the regulatory authorities. For more information, please visit www.lbma.org.uk.