Barclays Capital purchases gold market-fixing seat
London-based investment bank Barclays Capital has purchased membership of the London gold market-fixing forum (LGMF) from NM Rothschild and Sons, the London-based bank that recently signalled its intention to leave the gold market.
The withdrawal of NM Rothschild from the market forced the LGMF to introduce new fixing arrangements. Previously, twice-daily fixing meetings were held at the offices of the bank. This arrangement has been replaced by telephone fixes, with the chairman rotating between members annually. LGMF said it intends to introduce web-based commentary of the fixing later this year.
“Our decision to purchase the seat is a logical step for the development and growth of our precious metals business, and shows our continued commitment to the sector,” said Benoit de Vitry, head of commodities and emerging markets rates at Barclays Capital.
Barclays Capital launched an online base and precious metals trading platform in September last year.
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