London gold fixing company seeks 3rd party to administer benchmark

LONDON, July 16 Wed Jul 16, 2014 10:05am EDT

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LONDON, July 16 (Reuters) - London Gold Market Fixing Ltd, the company that operates the global price benchmark for gold, confirmed in a statement on Wednesday that it is seeking to appoint a third party to take over administration of the process known as the "fix".

In a statement the company said it has commenced a request for proposals (RFP) process with a view to appointing a new administrator for the fix, with the support of the London Bullion Market Association.

It is also seeking to recruit an independent chairman for the board of the fixing company, it said.

A source familiar with the matter said earlier on Wednesday that a statement on reforming the century-old system of benchmarking gold prices is expected imminently ahead of the implementation of new regulations governing financial benchmarks. (Reporting by Jan Harvey and Clara Denina; editing by Keiron Henderson)

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