Scotiabank CEO Porter Says ‘Dated’ Gold Fix Needs Review

Bank of Nova Scotia (BNS) Chief Executive Officer Brian Porter said the process for setting gold prices, known as the London gold fix, is outdated and should be reviewed.

“The fix is dated, it has been around for a long period of time,” Porter said today in an interview on Bloomberg Television. “It should be reviewed and any degree of transparency we could bring to that would be healthy.”

Bank of Nova Scotia, based in Toronto, is one of five banks overseeing the London gold fix, the century-old benchmark used throughout the $20 trillion market for the metal. Kevin Maher, a New Yorker who said he buys and sells gold futures and options, sued the banks, which also include Barclays Plc, Deutsche Bank AG, HSBC Holdings Plc and Societe Generale SA, claiming they colluded to manipulate it.

To contact the reporter on this story: Sarah Jacob in New York at sjacob19@bloomberg.net

To contact the editor responsible for this story: Steven Crabill at scrabill@bloomberg.net

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