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The London Gold Fixing (or Gold Fix)〔(London Gold Fixing )〕 is the setting of the price of gold that used to be held on the premises of Nathan Mayer Rothschild & Sons by the members of The London Gold Market Fixing Ltd. However, in 2004, Nathan Mayer Rothschild left the precious metals business in London and sold its place on the fixing to Barclays. From that time onwards, the fixing has taken place via a dedicated conference line. This was clearly a necessity as some banks moved their London operations away from the close proximity to the Bank of England and gravitated to areas such as Canary Wharf. However, the benchmark is still determined twice each business day of the London bullion market - the exceptions to this being Christmas Eve and New Year's Eve when there is only one fixing which is in the morning. It is designed to fix a price for settling contracts between members of the London bullion market, but the gold fixing informally provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets. The gold fix is conducted in the United States dollar (USD), the Pound sterling (GBP), and the Euro (EUR) daily at 10.30am and 3pm, by London time. The current participants in the fixing are Barclays, Bank of China, Goldman Sachs, HSBC Bank USA, JPMorgan Chase, Morgan Stanley, Société Générale, Standard Chartered, Scotia-Mocatta, Toronto-Dominion Bank and UBS.〔http://www.lbma.org.uk/lbma-gold-price〕 ==History== On 12 September 1919 at 11:00 am, the five principal gold bullion traders and refiners of the day (N M Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins) performed the first London gold fixing, and thus became the original five founding members.〔(What is gold fixing? - London Gold Fixing )〕 The gold price was determined to be four pounds 18 shillings and ninepence (GBP 4.18s.9d = 4.9375) per troy ounce. The New York gold price was US$19.39. The first few fixings were conducted by telephone until the members started meeting at the Rothschild offices in New Court, St Swithin's Lane. In 1933, Executive Order 6102 was signed by U.S. President Franklin D. Roosevelt, requiring US citizens to turn in their gold for $20.67 per ounce. Afterwards, the price of gold was set at $35.00 per ounce. Due to wartime emergencies and government controls, the London gold fixing was suspended between 1939 and 1954, when the London gold market was closed. On 21 January 1980 the gold fixing reached the price of $850, a figure not overtaken until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. fixing. However, when indexed for inflation, the 1980 high corresponds to a price of $2,305.18 in 2011 dollars,〔(”Why gold is breaking records” ), CNNMoney, 12 May 2010.〕 thus the 1980 record still holds in real terms. The fixing historically took place at the London offices of N M Rothschild & Sons in St Swithin's Lane, but since 5 May 2004 it takes place by a dedicated telephone conferencing system. Until 1968, the price was fixed only once a day, when a second fixing was introduced at 3 p.m. to coincide with the opening of the US markets, as the price of gold was no longer under control of the Bank of England, a result of the collapse of the London Gold Pool. In April 2004 N M Rothschild & Sons announced that it planned to withdraw from gold trading and from the London gold fixing. Barclays Capital took its place on 7 June 2004 and the chairmanship of the meeting, formerly held permanently by Rothschilds, now rotates annually. On 28 June 2012, an employee of Barclays manipulated the gold fixing process to prevent a derivative product previously sold to a client from leading to a payout. The employee, and subsequently Barclays, self-reported the incident.〔http://www.bloombergview.com/articles/2014-05-23/barclays-manipulated-gold-as-soon-as-it-stopped-manipulating-libor〕 In January 2014, Deutsche Bank withdrew from the panels setting the gold and silver fixings. On 23 May 2014 the Financial Conduct Authority announced it had fined Barclays £26 million for systems and controls failures, and conflict of interest in relation to the gold fixing over the nine years to 2013, and for manipulation of the gold price on 28 June 2012. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Gold fixing」の詳細全文を読む スポンサード リンク
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