LME and CME Group lose out to rival IntercontinentalExchange to run new benchmark
IntercontinentalExchange has beaten off competition from
rivals including the London Metal Exchange and CME Group to win
the mandate to administrate the LBMA Gold Price.
The London Bullion Market Association announced it would
implement the biggest change to how gold is priced in almost a
century in July with over 12 companies submitting bids.
Of those, ICE, the LME and CME Group were among the
favourites to win the mandate that will result in the gold fix
being electronic for the first time in its history.
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