London gold market announces changes to daily fixing

摘要

London, New York―Following the announcement Apr 15 by NM Rothschild that it would no longer chair the daily London gold fix because it plans to withdraw from commodity trading, the London Gold Market Fixing Ltd said Apr 29 it would make two major changes in the arrangements governing its twice daily fixings. With effect May 5, 2004, chairmanship of the fix will no longer reside permanently with one member firm (NM Rothschild until Apr 15 announcement), but will rotate annually among all member firms. As of the same date, the fix will no longer be conducted face-to-face, but by telephone. Accompanying these changes, LGMF intends to introduce a web-based commentary on the fixing later this year.