Reuters reported that Standard Bank is shaping up to be the lead competitor for Deutsche Bank AG’s (NYSE:DB) London gold fix seat. Deutsche Bank has held the seat for 20 years, but last month put it up for sale.
As quoted in the market news:
Market sources said Standard Bank, in conjunction with ICBC, is in prime position to buy the Deutsche seat. ‘Standard Bank is a shoo-in for the fixing seat – they want it, and it would be acceptable to the other members,’ a senior gold market source told Reuters. ‘It’s just whether they can agree a fee.’
Originally sources had suggested that the deadline for a deal was the end of this year, but a deal is looking much closer now. ‘It’s more thinking in terms of months rather than quarters,’ another market source said.
Both Standard Bank and Deutsche Bank declined to comment.