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Intercontinental Exchange Inc (NYSE:ICE), an international network of exchanges and clearing houses, today announced that China Construction Bank Corp. (CCB) has received approval from ICE Benchmark Administration (IBA) to participate in the gold auction, which is used to determine the LBMA Gold Price, effective October 30, 2015.
China Construction Bank becomes the second Chinese direct participant to join the LBMA Gold Price, after Bank of China joined in June.
In March 2015, IBA successfully transferred the LBMA Gold Price to an independently administered, transparent and electronic auction process, replacing the London Gold Fix. Since taking over administration, IBA has tripled the number of direct participants from four to 12 and has markedly increased daily auction volumes.
“We are delighted to welcome China Construction Bank as a direct participant to the gold auction. The LBMA Gold Price has seen increased underlying liquidity this year which is helping attract further new participation and interest from precious metal industry participants across the globe,” said Finbarr Hutcheson, President, IBA.
The LBMA Gold Price is a regulated benchmark under the supervision of the UK’s Financial Conduct Authority.
To view the official announcement from ICE, click here.