Intercontinental Exchange has announced that ICE Benchmark Administration successfully launched the LBMA Gold Price on Friday March 20, 2015, replacing the London Gold Fix established in 1919. IBA has transitioned the gold price to a new, independently administered, transparent and electronic auction process.
IBA operates twice daily, physically settled, electronic and tradable spot gold auctions at 10.30am and 3.00pm UK time. The price formation is in dollars and participants have the ability to settle orders in three currencies: USD, EUR and GBP. Within the process, gold bids and offers are updated in real-time with the imbalance calculated and the price updated every 45 seconds.
Full Content: Forex Magnates
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