UBS has been named the fifth participant in the ICE gold price benchmarking process that goes live tomorrow, according to a note from ICE.
UBS joins Scotiabank, HSBC, Societe Generale and Barclays in the LBMA Gold Price, which will formally replace the near-century-old London Gold Fix on March 20. The sixth member will be announced on Friday.
The twice-daily gold fix, which has been in operation since September 12, 1919, has come under increased regulatory and media scrutiny. A third-party operator is seen as a critical step in modernising the image of the benchmark process, while also providing enhanced transparency and compliance with legislation.
London-based ICE subsidiary ICE Benchmark Administration (IBA), which was established in April 2013 to administer benchmarks, will provide the price platform, methodology and overall administration and governance for the LBMA gold price.
(Editing by Mark Shaw)