July 11 An official at British platinum refiner
Johnson Matthey has become chairman at the London Bullion Market
Association as the industry body oversees the overhaul of
century-old precious metals pricing systems amid intense
The LBMA said in a statement that Grant Angwin, general
manager at the U.S. operations of Johnson Matthey PLC
in Salt Lake City, was elected to succeed David Gornall who has
ended his three-year tenure.
Angwin becomes chairman as the LBMA coordinates efforts to
find a new global pricing benchmark for silver to replace the
existing 117-year-old price-setting mechanism, or "fix", when it
is dismantled in August.
He has been a member of the LBMA's management committee
since 2011 and joined Johnson Matthey more than 25 years ago.
Separately on Friday the LBMA said that CME Group and
Thomson Reuters have won the closely fought contest to operate
an electronic benchmark for the silver market. Industry
participants expect changes to follow with the century-old gold
fix and the platinum and palladium fixes.
With increased attention from regulators in the wake of
benchmark manipulation in other markets, the current operator,
London Silver Market Fixing Ltd, said in May it would stop
running the daily call.
Gornall, the outgoing chairman who is also global head of
precious metals trading at Paris-based Natixis, said in a
statement it was an "all too common misconception" that the LBMA
decided on market benchmarks for precious metals.
"The LBMA's involvement in the current consultation process
is working with its members and other stakeholders to determine
a reference price setting mechanism that is suitable for all
parties," Gornall said. "To be clear, the LBMA is acting as a
conduit and facilitator but not as a decision maker."
(Reporting By Barani Krishnan; Editing by Josephine Mason and