| LONDON, July 16
LONDON, July 16 A statement on the overhaul of
the century-old system of benchmarking gold prices is expected
imminently ahead of the implementation of new regulations
governing financial benchmarks, a source familiar with the
matter said on Wednesday.
Changes to the current gold "fix", a twice-daily auction
process between four banks that takes place over the telephone,
are likely to include a new code of conduct for participants and
the appointment of an independent chairman, the source said.
The London gold fixing company will also request proposals
to administer the benchmarking process, in a similar process to
that used earlier this year to find a new operator for the
silver fix, the source added.
CME Group and Thomson Reuters were last
week named as the new operators of an electronic silver
benchmark, in a move that was widely seen preceding sweeping
reforms of precious metals price-setting.
Until now responsibility for setting the gold benchmark has
rested with the London Gold Fixing Company, made up of the four
banks that take part in the fix - Bank of Nova Scotia,
HSBC, Societe Generale, and Barclays
A spokesman for the London Gold Fixing Company declined to
comment on the matter.
(Reporting by Jan Harvey, editing by David Evans)