The World Gold Council welcomes LBMA appointment of IBA as the Gold Fix Administrator

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The World Gold Council announced today that it fully supports the appointment of ICE Benchmark Administration (IBA) as the new administrator of the Gold Fix.

The World Gold Council announced today that it fully supports the appointment of ICE Benchmark Administration (IBA) as the new administrator of the Gold Fix. IBA is the organisation best-placed to manage the benchmark going forward and is a credible, experienced and independent administrator with a strong track record. IBA is the only FCA-approved administrator and is also one of only four administrators in the world to have been formally assessed by IOSCO, further reinforcing its credentials for the role.

The World Gold Council has played an active role throughout this process. Earlier this year, we outlined our core criteria for a reformed Gold Fix: ensuring liquidity, stability, transparency, fairness and efficiency and we believe IBA meets all of these principles. The combination of meeting our principles, their position as an FCA-approved administrator and having been IOSCO assessed therefore makes IBA the most suitable provider to deliver the best possible outcome for the market.

Commenting on the announcement from the LBMA, Natalie Dempster, Managing Director responsible for Central Banks & Public Policy, said; “A transparent and inclusive process to choose the new administrator for the gold fixing process was absolutely crucial and this has certainly been delivered by the LBMA over the last four months. The appointment of IBA is the right decision and one we support wholeheartedly.”

To find out more visit the LBMA’s website: http://www.lbma.org.uk/_blog/lbma_media_centre

Ends

For further information please contact:

Melissa McVeigh
World Gold Council
T   +44 20 7826 4701
M  +44 7714 900 223
E   Melissa.McVeigh@gold.org

Felicity Sincock
Edelman
T   +44 (0)20 3047 2442
M   +44 7890054317
E   felicity.sincock@edelman.com

Note to editors:

World Gold Council

The World Gold Council is the market development organisation for the gold industry. Working within the investment, jewellery and technology sectors, as well as engaging in government affairs, our purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold.

We develop gold-backed solutions, services and markets, based on true market insight. As a result, we create structural shifts in demand for gold across key market sectors.

We provide insights into the international gold markets, helping people to better understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.

Based in the UK, with operations in India, the Far East, Europe and the US, the World Gold Council is an association whose members include the world’s leading and most forward thinking gold mining companies.