July 11 (Reuters) - An official at British platinum refinerJohnson Matthey has become chairman at the London Bullion MarketAssociation as the industry body oversees the overhaul ofcentury-old precious metals pricing systems amid intenseregulatory scrutiny.
The LBMA said in a statement that Grant Angwin, generalmanager at the U.S. operations of Johnson Matthey PLC in Salt Lake City, was elected to succeed David Gornall who hasended his three-year tenure.
Angwin becomes chairman as the LBMA coordinates efforts tofind a new global pricing benchmark for silver to replace theexisting 117-year-old price-setting mechanism, or "fix", when itis dismantled in August.
He has been a member of the LBMA's management committeesince 2011 and joined Johnson Matthey more than 25 years ago.
Separately on Friday the LBMA said that CME Group andThomson Reuters have won the closely fought contest to operatean electronic benchmark for the silver market. Industryparticipants expect changes to follow with the century-old goldfix and the platinum and palladium fixes.
With increased attention from regulators in the wake ofbenchmark manipulation in other markets, the current operator,London Silver Market Fixing Ltd, said in May it would stoprunning the daily call.
Gornall, the outgoing chairman who is also global head ofprecious metals trading at Paris-based Natixis, said in astatement it was an "all too common misconception" that the LBMAdecided on market benchmarks for precious metals.
"The LBMA's involvement in the current consultation processis working with its members and other stakeholders to determinea reference price setting mechanism that is suitable for allparties," Gornall said. "To be clear, the LBMA is acting as aconduit and facilitator but not as a decision maker." (Reporting By Barani Krishnan; Editing by Josephine Mason andGrant McCool)