Barclays joins London fix (June 14, 2004)

London-based Barclays Capital, the investment banking division of Barclays, has begun taking part in London’s gold fixing sessions after purchasing a vacant seat on the London Gold Market Fixing board from investment banker NM Rothschild and Sons.

The fixings are determined by a process during which participants transact business, beginning with quoted prices. Prices move higher and lower as orders are placed until such time as buyers’ and sellers’ orders are satisfied and the price is “fixed.” This happens twice daily.

The London Gold Market Fixing board recently said its chairman would rotate annually among member firms. Scotiabank, through its precious metals unit ScotiaMocatta, was elected as the first chair.

The other member firms are HSBC, Deutsche Bank and Socit Gnrale.

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