#AceFinanceNews – Featured Report:CHINA:June.22: The Bank of China has become the first Asian company to take part in the twice-daily gold auction to set the London Bullion Market Association (LBMA) Gold Price, the Intercontinental Exchange global network ICE Benchmark Administration (IBA) announced Monday.
MOSCOW (Sputnik) — IBA approved Bank of China’s addition to the LBMA Gold Price last week.“We are pleased to welcome the new direct participants to the gold auction today,” Finbarr Hutcheson, the IBA president, was quoted as saying in an organization statement.
Morgan Stanley and Standard Chartered join the Bank of China on Monday as direct participants of the LBMA Gold Price, with additional members expected in coming weeks. The China Construction Bank, according to the announcement, is set to become the group’s 11th participant.
“We continue to invest in new technology, surveillance and governance to evolve the benchmarks we administer and bring them into a new era of trust and integrity. These enhancements are encouraging more firms to participate and contribute valuable liquidity to the benchmark setting process.”
In March, the Beijing Gold Exchange Center’s chief gold analyst, Zhang Lei, told Sputnik that China’s inclusion would grant the country a “decisive influence” in price-setting capabilities.The IBA and LBMA replaced a nearly 100-year interbank telephone conference system called the London Gold Fix on March 20. IBA sets gold prices, in US dollars, euros and pounds, during two auctions held at 10:30 a.m. and 3:00 p.m. London time (09:30 and 14:00 GMT) daily.
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#AceFinanceNews – Market Report: June.22: TOKYO (Reuters) – Asian shares got the week off to a strong start and U.S. stock futures and the euro firmed on Monday, after Greece scrambled to avert defaulting on its debt with last-minute proposals aimed at appeasing its creditors.
Financial spreadbetters expected the mood to carry over into early European trading, with FTSE 100 seen opening up as much as 0.2 percent, Germany’s DAX 0.7 percent and France’s CAC 40 0.4 percent.
“European equities are set to get a pop higher on the open as traders cautiously welcome developments in Greece,” Jonathan Sudaria, a dealer at Capital Spreads, said in a note.
Many investors were still cautious about Prime Minister Alexis Tsipras’ proposals because it was not immediately clear how far they yielded to creditors’ demands for additional spending cuts and tax hikes, nor whether creditors can stomach the offer.
Asia cheers Greece’s eleventh hour proposals to avert default
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#AceFinanceNews Headlines:June.22: In the world of who comes from the right family.
Those that have and those who do not can afford University fees:
First crop of £9,000 tuition fee-paying UK graduates ‘more focused on pay’
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