Morgan Stanley and Standard Chartered have been approved by the ICE Benchmark Administration (IBA) to participate in the gold auction, which used to determine the LBMA Gold Price.
The two lenders will join the gold price setting panel, alongside Bank of China, whose participation was revealed last week.
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IBA has increased the number of direct participants in the auction from four to 10 since assuming administration of the LBMA Gold Price.
"Further new participants are expected in the coming weeks, including China Construction Bank who are on track to become the 11th direct participant," IBA’s parent company IntercontinentalExchange reveled.
ICE Benchmark Administration president Finbarr Hutcheson commented: "We are pleased to welcome the new direct participants to the gold auction today. 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."
The LBMA Gold Price, a benchmark regulated by UK’s Financial Conduct Authority (FCA), is used by various firms, including miners and jewelry makers, to settle gold trades worth billions of dollars daily.
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