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ICE Benchmark Administration Announces China Construction Bank as a Direct Participant to the Gold Auction

LONDON--(BUSINESS WIRE)--Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, today announced that China Construction Bank Corp. has been approved by ICE Benchmark Administration (IBA) to participate in the gold auction, which is used to determine the LBMA Gold Price, effective October 30, 2015.

“We are delighted to welcome China Construction Bank as a direct participant to the gold auction. The LBMA Gold Price has seen increased underlying liquidity this year which is helping attract further new participation and interest from precious metal industry participants across the globe”

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China Construction Bank is the second Chinese direct participant to join the LBMA Gold Price, following the approval of Bank of China in June.

In March this year, IBA successfully transitioned the LBMA Gold Price to an independently administered, transparent and electronic auction process, replacing the former London Gold Fix. Since assuming administration, IBA has tripled the number of direct participants from four to 12 and significantly increased daily auction volumes.

“We are delighted to welcome China Construction Bank as a...