FCA Said to Observe Banks’ London Gold-Fixing Calls
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Regulators are stepping up their scrutiny of how gold prices are set, with officials from Britain’s Financial Conduct Authority visiting Societe Generale SA to observe the so-called London fixing process, two people with knowledge of the matter said.
Investigators visited the French bank’s U.K. offices in recent weeks for the morning and afternoon conference calls, during which the reference price used by miners, jewelers and central banks is set, the people said. The watchdog is visiting all five member banks involved in the London fixing as part of its review of gold benchmarks, according to one of the people, who asked not to be identified because the matter is private.