London bullion market group to name No. 2 Ruth Crowell as CEO
Nov 1 (Reuters) - The London Bullion Market Association said on Friday it will appoint insider Ruth Crowell as the trade group's next chief executive at the end of December, succeeding Steward Murray who is retiring at that time.
Crowell has been the LBMA's deputy chief executive since June 2012 and was recently responsible the group's regulatory work. She has worked for the LBMA for the past seven years, the trade group said in a statement.
Prior to joining the LBMA, Crowell worked at the U.S. law firms of White & Case and Norton Rose, and she also acted as a monitor at the United Nations Commission on Human Rights.
With nearly 150 members, including central banks, commercial banks, private investors, mining companies and fabricators, the LBMA represents the wholesale over-the-counter (OTC) market for gold and silver bullion. It is in charge of setting the Good Delivery refining standards for gold and silver bars.
In September, LBMA's Chairman David Gornall told Reuters it could charge its member banks more or even disband its Gold Forward Offered Rates (GOFO) after a string of new regulations in the financial market.
The GOFO rate is the precious metal's equivalent to Libor (London Interbank Offered Rate), at which dealers will lend gold on swap against U.S. dollars.
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