Deutsche Bank is in reportedly in talks with prospective buyers to sell its place in the gold and silver benchmark price setting process called fix.
Previously, the bank said that it is seeking a buyer for its seats on the gold and silver-fixing panels, according to Reuters.
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The move follows the firm’s strategy to scale back its commodities business in addition to investigations by European regulators in recent months into suspected manipulation of precious metals prices by banks.
Meantime, the bank has asked the London Bullion Market Association (LBMA) for clarification on whether a buyer should be one of the LBMA’s market-making members, who quote two-way prices to each other during the London business day for agreed minimum quantities.
The members relay net interest from clients, based on orders placed with their dealing rooms, to the other fixers, who adjust prices up and down until buy and sell orders are matched.
A Deutsche Bank spokesman declined to comment on the situation.
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By GlobalDataN.M. Rothschild and Sons was the last fixer to sell its seat to Barclays in 2004 for around £1 million (US$1.7 million).
