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LBMA Gets 8 Proposals to Replace Century-Old Gold Fixing

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Intercontinental Exchange Inc., the London Metal Exchange and CME Group Inc. and Thomson Reuters Corp. are among firms shortlisted to develop and run a replacement for the century-old London gold fixing benchmark.

Autilla Ltd. (Sapient) and EBS are also on the shortlist, the London Bullion Market Association said in a statement today. Ten companies submitted eight proposals, some of them joint. The LBMA, which said last week firms will present at a seminar on Oct. 24, expects a market consensus to emerge next month and the chosen method adopted by year-end or early 2015.