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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

London Stock Exchange
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Share Price: 202.35
Bid: 202.15
Ask: 202.25
Change: 1.35 (0.67%)
Spread: 0.10 (0.049%)
Open: 202.50
High: 203.40
Low: 199.58
Prev. Close: 201.00
BARC Live PriceLast checked at -

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New era of gold benchmarking to start with handful of pioneers

Thu, 19th Mar 2015 00:01

* ICE Benchmark Administrator to replace gold fix on March20

* Four chairs to rotate during first 6 months - source

By Clara Denina

LONDON, March 19 (Reuters) - A handful of banks will startsetting gold prices electronically on Friday, sources withdirect knowledge of the matter said, as IntercontinentalExchange completes a sweeping change to London's bullionbenchmarks and dispenses with the century-old gold "fix".

Since 1919, representatives from four or five banks haveagreed a twice-daily price on which their customers - producers,consumers and investors - could trade and value gold.

Sweeping reform triggered by a regulatory push for moretransparency after the Libor interest rate-rigging scandal brokein 2012, saw banks stop acting as both data providers and marketmakers.

As financial institutions even considered pulling out of thefixing process, three different exchanges took on the challengeof setting the separate precious metals benchmarks.

ICE Benchmark Administration (IBA), a subsidiary of ICE, was chosen to provide a physically settled, electronicand tradeable auction for what will become the LBMA (LondonBullion Market Association) Gold Price.

"Friday's move to electronic auctions andrecord-keeping...should repair outside perceptions of London'srole in the market," said Adrian Ash, head of research at onlinedealer BullionVault.com.

Banks will still submit orders during the process, as theycurrently do.

"I would like to think (there will be) more than the current(four) ... but we'll have to wait and see," a source with directknowledge of the matter said.

Current providers of the gold "fix", Barclays, HSBC, Bank of Nova Scotia and Societe Generale, declined to comment on whether they will participate.

The issue around participation gained importance due to thecurrent regulatory environment, which aims to promotetransparency and inclusion during the setting of financialbenchmarks used by customers around the world.

"Not everybody realises the level of commitment thatparticipating in a benchmark requires, that's why the list (ofparticipants) you have today is shorter than envisaged," abullion banking source added.

The LBMA, which will retain intellectual property of the newbenchmark, had said that 11 entities intended to participate inthe new mechanism from the start.

Industrial and Commercial Bank of China, Bank of ChinaInternational and China Construction Bank, which are ordinarymembers of the LBMA, were unlikely to be in the list of newparticipants at this stage, the first source said.

When Chicago Mercantile Exchange, jointly withThomson Reuters, took over the administration of thesilver benchmark in August, just three entities were able tojoin the electronic auction from day one. There are now sixparticipants.

The London Metal Exchange, part of the Hong Kong Exchange has been running the platinum and palladium fixes fromDecember, with four participants.

ICE said it has appointed an independent chairperson whowill oversee the process, although it will look to develop analgorithm at a later stage.

Four ex-bankers have been appointed as chairs and they willrotate in their duty during the initial six months, a fourthsource said. (Editing by Veronica Brown and David Evans)

More News
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Norway wealth fund to back Barclays CEO, chair at AGM

OSLO, May 4 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, one of the world's largest investors, supports the reappointment of Barclays CEO C.S. Venkatakrishnan and Chair Nigel Higgins to the British bank's board, the fund manager said on Saturday.

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3 May 2024 17:04

Ex-Odey portfolio manager Hanbury warns investors are 'buying blind'

LONDON, May 3 (Reuters) - Former Odey Asset Management (OAM) portfolio manager James Hanbury has said in a letter to investors that passive and systematic trading strategies have grown so much that those trading on company fundamentals might be hurt.

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2 May 2024 13:48

UK shareholder meetings calendar - next 7 days

Friday 3 May 
Ashoka India Equity Investment Trust PLCGM re share issue
HSBC Holdings PLCAGM
Intercontinental Hotels Group PLCAGM
Mondi PLCAGM
More Acquisitions PLCAGM
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Caledonia Mining Corp PLCAGM
CPPGroup PLCAGM
Just Group PLCAGM
Macfarlane Group PLC AGM
Plus500 LtdAGM
Supernova Digital Assets PLCAGM
Wednesday 8 May 
Airea PLCAGM
Antofagasta PLCAGM
Aston Martin Lagonda Global Holdings PLCAGM
Deltex Medical Group PLCAGM
Direct Line Insurance Group PLCAGM
Fidelity European Trust PLCAGM
Haleon PLCAGM
Jardine Matheson PLCAGM
JZ Capital Partners LtdEGM re investing in a secondary fund
Oscillate PLCAGM
Pershing Square Holdings LtdAGM
Rentokil Initial PLCAGM
WPP PLCAGM
Thursday 9 May 
Ascential PLCAGM
BAE Systems PLCAGM
Balfour Beatty PLCAGM
Barclays PLCAGM
CAB Payments Holdings PLCAGM
Catenai PLCGM re convertible loan note
Clarkson PLCAGM
FBD Holdings PLCAGM
Genel Energy plcAGM
Gym Group PLCAGM
Harbour Energy PLCAGM
Hiscox LtdAGM
IMI PLCAGM
Inchcape PLCAGM
Indivior PLCAGM
John Wood Group PLCAGM
Jupiter Fund Management PLCAGM
Logistics Development Group PLCAGM
Man Group PLCAGM
Morgan Advanced Materials PLCAGM
OSB Group PLCAGM
Public Policy Holding Co IncAGM
Rathbones Group PLCAGM
RM PLCAGM
Spire Healthcare Group PLCAGM
Synthomer PLCAGM
Uniphar PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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1 May 2024 14:50

Barclays to cut jobs in investment banking - reports

(Sharecast News) - Barclays has reportedly kicked off a fresh round of redundancies, cutting "a few hundred roles" at its investment bank as it looks to tackle underperformers and reinvest in new talent.

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30 Apr 2024 20:30

GM in talks with Barclays to replace Goldman Sachs in credit card partnership -source

NEW YORK April 29 (Reuters) -

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29 Apr 2024 10:02

LONDON BROKER RATINGS: Deutsche Bank likes Frasers; Barclays cuts JD

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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26 Apr 2024 16:35

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(Sharecast News) - London's equity markets closed positively on Friday, buoyed by gains in the banking sector following better-than-expected results from NatWest.

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26 Apr 2024 16:19

European bank stocks at highest since 2015 after earnings boost

STOXX Europe 600 banks index highest since Oct. 2015

*

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26 Apr 2024 09:45

NatWest profit falls less than feared ahead of state escape

First-quarter profit down 27% in competitive market

*

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26 Apr 2024 09:33

LONDON BROKER RATINGS: Peel Hunt cuts ConvaTec to 'reduce'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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25 Apr 2024 16:57

LONDON MARKET CLOSE: FTSE 100 shakes off red-hot US inflation gauge

(Alliance News) - London's FTSE 100 outperformed on Thursday, enjoying a solid rise on largely well-received corporate earnings and a share price jump for miner Anglo American after it received a takeover bid from peer BHP.

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25 Apr 2024 15:14

London close: Stocks finish mixed as US GDP growth slows

(Sharecast News) - London's stock markets finished with a mixed performance on Thursday, as investors digested a slower-than-expected GDP growth reading from the United States, while a slew of well-received earnings underpinned the top-flight index.

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25 Apr 2024 11:00

Where are Wall Street's analyst notes on Trump's Truth Social?

NEW YORK, April 25 (Reuters) - Trump Media & Technology Group is one of the most actively traded U.S. stocks, yet Wall Street's equity analysts are staying clear.

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25 Apr 2024 09:19

Barclays Q1 profit falls 12% as trading slump hits

Q1 profit of 2.3 bln pounds, just above forecasts

*

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25 Apr 2024 08:36

TOP NEWS: Barclays first quarter profit falls but beats expectations

(Alliance News) - Barclays PLC on Thursday reported a fall in first quarter profits as a weak investment banking performance hindered performance.

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