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Thomson Reuters bids to run London gold fix with CME

Thomson Reuters staked its claim to run the London gold fix with the Chicago Mercantile Exchange as partner.

It is one of at least 12 candidates that have bid administer the fix, a spokesman for the London Bullion Market Association (LBMA) said.

Thomson Reuters and the CME released a statement of intent of adding to the silver fix they were awarded in July.

“Following our appointment to provide the new electronic, transaction based auction LBMA Silver Price mechanism since August 2014, Thomson Reuters and CME Group will be collaborating again to develop a compelling proposition for the new gold reference price,” they said.

“Together we can deliver a robust, reliable and efficient pricing mechanism to meet the needs of everyone in the gold community - including its miners, its consumers, and the rest of the wide array of market stakeholders,” they added. “We look forward to consulting widely with them to design a system that will provide the authoritative reference price.”

The twice-daily gold fix, operated since 12 September 1919, has come under increased regulatory and media scrutiny.

A decision on who will administer it in future may not be made before the end of the year. ■

SOURCE
The Bullion Desk