LONDON--The London Bullion Market Association on Friday said it
has shortlisted five companies to manage a new electronic gold fix,
the latest in a series of changes to the precious metals markets as
a result of scandals found in some global benchmarks.
In a statement, the LBMA said it received eight proposals, and
has cut the list down to five: Autilla Ltd (with Sapient Corp.);
CME Group Inc. (with Thomson Reuters Corp.); Intercontinental
Exchange Inc.; EBS Service Co. Ltd, a unit of ICAP PLC; and the
London Metal Exchange, a unit of Hong Kong Exchanges & Clearing
Ltd.
A winner is expected to be chosen by market consensus in
November with the fix expected to go live between the end of the
year and early 2015, the LBMA said in a statement.
"We are keen that as many market participants are involved in
the process. We are also specifically looking to identify those
participants who are willing to take part in the launch of the new
mechanism," said Ruth Crowell, chief executive of the LBMA.
The announcement comes the day after the LME won a bid to manage
the platinum and palladium fixes. Earlier this year, CME and
Thomson Reuters won the rights to manage the silver fix.
Write to Ese Erheriene at ese.erheriene@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires