LBMA gold benchmark members down to 13 after Barclays’ exit

Jul 13, 2016 - 12:05 PM GMT

The number of LBMA Gold Price participants has fallen to 13 after Barclays pulled out of the precious metals sector.

The last date on which Barclays was a participant in the gold benchmarking process was June 10, FastMarkets understands.

Bank of Communications – the fourth Chinese bank to join the LBMA Gold Price – was the most recent addition to the process on June 8 this year.

The LBMA Gold Price formally replaced the near-century-old London Gold Fix in March last year. The twice-daily gold fix, which had been in operation since September 12, 1919, came under increased regulatory and media scrutiny. A third-party operator was seen as a critical step in modernising the image of the process, while also providing enhanced transparency and compliance with legislation.

IBA, which was established in April 2013 to administer benchmarks, now provides the price platform, methodology and overall administration and governance for the LBMA Gold Price.

(Additional reporting by Ian Walker, editing by Mark Shaw)