IBA took over the gold fix last year after allegations of price fixing rocked the market
Exchange’s (ICE) benchmark unit has signed the
thirteenth participant for its gold price auction, a year after
the new administration process for the LBMA gold price was
launched with six participants.
The Industrial and Commercial Bank of
China (ICBC) has been approved by the ICE Benchmark
Administration (IBA) to participate in the gold auction, which
is used to determine the London Bullion Market Association gold
price, from May 16, 2016.
The addition of ICBC brings the total
number of direct participants to 13, a quarter of which are
Chinese firms, up from the six participants the IBA auction
launched with in March last year, which saw the gold fix become
electronic for the first time in its history.
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