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London Gold Price Update

Monday, October 27, 2014

The LBMA held a seminar on the 24th October for market participants to assess presentations from possible solution providers for a London daily gold price mechanism. LBMA members, ISDA members and other bullion market participants were in attendance covering all sectors of the international gold market including banks, investment funds, traders, refiners, mining companies, hedge funds, trade associations and end users. Both the Bank of England and the Financial Conduct Authority attended the seminar as observers. .

Five proposals were presented at the seminar by the following companies Autilla Ltd. (Sapient), CME Group (Thomson Reuters), ICE, LME and EBS. Each presentation was followed by a question and answer style session, which provided the opportunity for those in attendance or participating via the webinar to ask challenging questions.

Copies of the presentations are now available to LBMA members on the members’ section of the LBMA website which you can access here.   

The LBMA has also launched a further survey to request further feedback and comments from market participants on the proposed solutions. Market participants will also be asked to confirm which solution they will be willing to participate in for the launch of the new price mechanism, by completing the online Survey here. It is expected that a market consensus will emerge in November, after consultation with regulators. The solution provider will then develop the daily gold price mechanism with the assistance of the LBMA. This is with a view to undertaking testing in December ahead of the solution going live early in Q1 2015.

Ruth Crowell, Chief Executive of the LBMA commented

“Despite a hectic industry week, it was gratifying to see such a wide cross-section of the market in attendance at the seminar. Throughout this process the LBMA has engaged with as many market participants as possible from all sectors of the international gold market. The LBMA is grateful for all the support, comments and engagement. It demonstrates that there is a real desire amongst market participants to find an effective gold price mechanism.”

First Survey Results
The aggregated results of the Gold Price - First Survey are now available online. Thanks to all who participated.
The LBMA is currently contacting all interested market participants to submit their views on the short-listed proposals.

Below are the Executive Summaries of the five short listed proposals which were showcased during the recent Market Seminar

Autilla Ltd / Sapient – Executive Summary 

CME Group / Thomson Reuters - Executive Summary

ICE Benchmarks Administration - Executive Summary

EBS - Executive Summary

LME - Executive Summary

Press Release