Author: Paul Ploumis11 Jun 2015 Last updated at 04:14:57 GMT
(Kitco News) - Three more banks are expected to join the London Bullion Market Association’s electronic auction “very soon” according to recent comments from, Finbarr Hutcheson, president of ICE subsidiary ICE Benchmark Administration (IBA), the company tasked with managing the new gold benchmark.
Hutcheson made the comments at the International Derivatives Expo in London, Tuesday. Currently seven banks participate in the twice daily auction: JP Morgan Chase Bank, Scotiabank, HSBC, Société Générale, UBS, Barclays and Goldman Sachs.
The LBMA Gold Price, has been operating since March 20 after it replaced the nearly century-old London Price Fix.
Courtesy: Kitco News