New Gold Fix To Be Run By Western and Chinese Banks – Still Not Transparent
By: GoldCore
GoldSeek.com
Tuesday, 3 February 2015
Replacement for the near-century-old London gold fix will start in March
London gold fix to Shanghai gold fix – still not transparent
Stealth run on the London bullion market continuing?
Oil surges 11%; deflation deepening
Increasing signs of a slowdown of the U.S. economy is supporting gold
The overhaul of the gold fixing benchmark formally known as the London Gold Fix is due to begin in March. Participants are hoping that there is less disorder than was seen for the messy launch of the London Silver Price (LSP) last August.
Although the new system is set to go into operation at the start of next month, the London Bullion Market Association (LBMA) has complained to Britain’s financial regulator, the FCA, that it still has not received guidelines as to how the new system will be regulated.
From the Financial Times
Without clear guidance from the FCA now and forthcoming final rules, participants will be unable to gain internal approval to take part in the new process,” the LBMA said in a letter to the FCA. “If a significant number of participants cannot get approval to take part due to lack of regulatory clarity, there will be a disruption.
The FCA responded bluntly
We announced a consultation on 22nd December into the seven benchmarks we would be regulating, which included the gold fix. That consultation closed on 30th January and we have said we intend to come forward with final rules before the end of the first quarter 2015.
The Rest…HERE
