Chinese banks to join new gold fix from March

money18.on.cc

據倫敦洲際交易所(ICE)消息，從今年3月開始，近百年歷史的倫敦黃金定盤價(London Gold Fix)將被取代。新的替代機制將被命名為LBMA黃金價格(LBMA Gold Price)，有望吸引至少11個成員的支援，其中首次包括中資銀行。

《金融時報》稱，中資銀行的出現，會賦予中國更大話語權；參與對黃金定價的銀行，會將來自客戶的訂單合併到一個平台上，以確定金價。目前建行(00939)、工行(01398)和中行(03988)都是倫敦金銀市場協會(LBMA)會員。

據彭博，LBMA CEO Ruth Crowell表示，包括中國的銀行在內，更多的會員參與設定新的黃金定盤價。

不過目前英國監管機構FCA仍未發布有關如何監管新的電子拍賣方式的指導意見。

LBMA在寫給FCA的信中表示：「沒有來自FCA的明確指導意見及尚未出台的最終規則，參與機構將無法得到參與新定價流程的內部批准。如果大量參與機構由於缺乏監管透明度而無法獲批參與定價流程，新的定價機制將被打亂」。

目前倫敦黃金定盤價由法興、豐業、花旗和巴克萊4家銀行，每天通過電話會議，根據各自的買賣盤價格，分別報出買入價和賣出價確定價格。4家銀行去年7月發聲明，會將黃金基準定價管理權移交給新的第三方機構。

www.ft.com

The replacement for the near-century-old London gold fix will start in March, with the hope of attracting at least 11 members, including Chinese banks for the first time.

UK financial authorities are undertaking an assessment of financial benchmarks in the wake of a series of scandals, including over the gold fix.

The presence of Chinese banks would give the world’s second-largest consumer of the precious metal a greater say in the global gold price. Participants in the fix aggregate orders from clients on to a platform to determine the price.

“Interest has been very positive and creates a more diverse pool of participants, which includes Chinese banks,” said Ruth Crowell, chief executive of the London Bullion Market Association, a trade body for London’s gold and silver markets.

In October, China Construction Bank, the country’s second-biggest state-owned bank, was admitted as an ordinary member of the LBMA.

Industrial and Commercial Bank of China and Bank of China are also members.

London’s gold market is an over-the-counter market between buyers and sellers, while prices in China are set through trading on the Shanghai Gold Exchange.

However, the Financial Conduct Authority has yet to issue guidance about how it will regulate the new electronic auction, run by energy exchange operator Intercontinental Exchange, after banks opted out of a system that had been in place since September 1919 amid growing criticism that it favoured insiders.

“Without clear guidance from the FCA now and forthcoming final rules, participants will be unable to gain internal approval to take part in the new process,” the LBMA said in a letter to the FCA. “If a significant number of participants cannot get approval to take part due to lack of regulatory clarity, there will be a disruption.”

The old telephone system of fixing the daily gold price presently involves only four banks.

Last May, the system drew increasing scrutiny from regulators after Barclays was fined £26m for its failure to rein in an options trader who, in 2012, drove the gold price lower to avoid paying £2.3m to one of the lender’s clients.

In December, the FCA said it would police seven UK-based financial benchmarks following the attempted manipulation of key rates for bank lending and foreign exchange, extending the regulation introduced in 2013 to strengthen Libor. It is set to regulate the gold fix from April 1, according to the LBMA.

“We announced a consultation on 22nd December into the seven benchmarks we would be regulating, which included the gold fix. That consultation closed on January 30 and we have said we intend to come forward with final rules before the end of the first quarter 2015,” the FCA said.