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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UBS Group AG | NYSE:UBS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.55 | 2.02% | 27.72 | 27.60 | 27.35 | 27.41 | 2,685,581 | 23:58:57 |
LONDON—Bank of China Ltd. has become the first Chinese bank, and the eighth direct participant, in the electronic auctions that set the LBMA Gold Price benchmark, the London Bullion Market Association said Monday.
It joins UBS AG, Goldman Sachs Group Inc., Bank of Nova Scotia, Barclays Bank PLC, HSBC Holdings PLC, Societe Generale SA and JPMorgan Chase & Co.
"Although being the world's largest gold producer and consumer, China has never played a major role in the global gold fixing, said Yu Sun, Bank of China's U.K. general manager. "Bank of China's direct participation in the gold auction would reinforce the connection between the Chinese domestic market and overseas markets."
The LBMA launched the twice-daily electronic fixes on March 20, with the Intercontinental Exchange Inc. as administrator, to make the benchmark less vulnerable to manipulation. The old telephone-based system was dropped after regulatory investigations into benchmarks following the manipulation of the London interbank offered rate, or Libor.
The LBMA's gold price is used by a broad range of firms, from miners to jewelry makers, to settle gold trades worth billions of dollars every day.
The intellectual property of the gold price is held by the LBMA and the platform is operated by ICE.
Write to Ese Erheriene at ese.erheriene@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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