Toronto-Dominion Bank has joined the LBMA gold price benchmarking process, ICE Benchmark Administration (IBA) said, bringing the number of LBMA Gold Price participants to 11.
The LBMA Gold Price formally replaced the near-century-old London Gold Fix on March 20. The twice-daily gold fix, which had been in operation since September 12, 1919, came under increased regulatory and media scrutiny. A third-party operator was seen as a critical step in modernising the image of the process, while also providing enhanced transparency and compliance with legislation.
IBA, which was established in April 2013 to administer benchmarks, now provides the price platform, methodology and overall administration and governance for the LBMA gold price.
(Editing by Mark Shaw)
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