zerohedge.com / by Tyler Durden on 07/07/2014 15:54
As those following the saga of the rigged for decades and soon to be history (in its curent incarnation) London gold fix know, today was the date when the World Gold Council held its “Modernising the London Gold Fix: IOSCO and beyond” round table session.
Specifically, as the WGC explained, “The World Gold Council will be holding a round table debate on the reform of the London Gold Fix and the modernisation of the London gold market. Many aspects of the existing price benchmark process are viewed favourably by market participants, however, other elements are in need of reform if IOSCO compliance is to be achieved. The World Gold Council is seeking views from both users and service providers on the optimal characteristics of any reformed system. We will also debate whether IOSCO compliance is enough or should the industry be seeking to modernise more than just the price benchmark?”
Among the various panels that took place were the following:
What do users want to see in a reformed benchmark?
- This session will ask the users of the London Gold Fix what they would like to see in terms of reform. What aspects of the Gold Fix are desirable and what aspects should be changed? What are the optimal characteristics of a reformed system?
Market-led options for achieving IOSCO compliance
- This session will discuss options for a reformed or alternative price setting mechanism. It will discuss existing alternative price-setting mechanisms and the pros and cons of each. Service providers will be asked to share their views on any new benchmarks and supporting platforms under consideration that may have arisen due to developments in the silver industry.