The LBMA Gold Price will replace the Gold Fixing
Price which has been in existence since September 1919.
The regulator cited actions taken on June 28, 2012 when an individual trader "exploited the weaknesses in Barclays' system" to influence the gold fixing
prices and profit at a customer's expense.
The five banks who oversee the so-called London gold fixing
-- Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and Societe Generale SA -- have formed a steering committee that's seeking external firms to advise how the process could be improved, according to the person, who asked not to be identified because the review isn't public.
occurs twice a day by teleconferencing with five banks, which are Deutsche Bank, Bank of Nova Scotia-ScotiaMocatta, Barclays Bank (LON: BARC), HSBC Bank (LON:HSBA)USA and Societe Generale (EPA:GLE).
The London PM Gold fixing
was 1,683.50 Vs the prior PM fixing at 1,685.00.
BANKING AND CREDIT NEWS-May 27, 2014-Barclays reaches settlement with the FCA regarding Gold Fixing
M2 EQUITYBITES-May 27, 2014-Barclays reaches settlement with the FCA regarding Gold Fixing