Bank of Nova Scotia to get visit from British watchdog as scrutiny of London gold fixing grows, sources say

As Gold fixing rigging continues, more suits travel to investigate, but real rigging is much more cunning than that.

Thanks to our Brazilian friends for submitting.

 
The century-old London gold fixing is led by representatives of Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and current chairman Societe Generale. Bloomberg

Financial Post
By Suzi Ring
and Nicholas Larkin,
Bloomberg News
25 April 2014

Regulators are stepping up their scrutiny of how gold prices are set, with officials from Britain’s Financial Conduct Authority visiting all five member banks including the Bank of Nova Scotia to observe the so-called London fixing process, two people with knowledge of the matter said.

Investigators visited the Societe Generale SA’s U.K. offices in recent weeks for the morning and afternoon conference calls, during which the reference price used by miners, jewellers and central banks is set, the people said. The watchdog is visiting all five member banks involved in the London fixing as part of its review of gold benchmarks, according to one of the people, who asked not to be identified because the matter is private.

The century-old London fixing is led by representatives of Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and current chairman Societe Generale. They hold conference calls at 10:30 a.m. and 3 p.m. where they discuss buying and selling the metal, starting from the dollar spot price, until a rate is agreed upon.

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