Barclays has been fined GBP26.03m by the FCA for breaches in its rules regarding certain of the bank's systems and controls relating to the Gold Fixing
. The bank added that it has committed significant resources to enhancing its systems and controls in relation to the Gold Fixing
as well as in relation to other reference rates.
The ETF, which will provide the returns in yuan, will monitor the performance of the London Gold Fixing
Price in US dollars.
It is not yet known which of the gold benchmarks are the target of the review, but among the most important gold benchmarks in the London gold fixing
, which determines the spot price for physical gold and is set twice a day by a panel of five banks.
are international benchmarks for precious metals and values are based on interactions in an over-the-counter gold market.
Until about three years ago, the gold fixings
took place at the premises of NM Rothschild and Sons, with each bank sending a representative.