By Clara Denina
LONDON, Oct 1 (Reuters) - ICAP, the world’s biggest interdealer broker, will submit a proposal to the bullion market to replace the century-old global price benchmark for gold known as the “fix”, the company told Reuters on Wednesday.
Representatives from a handful of banks have been running the current version of the gold fix, set twice a day by telephone, since 1919. Producers, consumers and investors use the benchmark to trade the metal and value their holdings.
“Our joint solution for the administration of the London Gold Fixing will be rooted in transparent methodology and data processes, while making use of our market-leading industry expertise,” Kevin Taylor, managing director of ICAP Information Services, said. (Additional reporting by Jan Harvey in London; Editing by Veronica Brown and David Goodman)