ICE Benchmark Administration, the group that administers the LIBOR rate, proposed the standardization of how banks calculate their submissions. According to Bloomberg, the Administration stated that “it is in the interests of users of LIBOR and benchmark submitters alike that are more unified transaction-based methodology should be adopted..we therefore propose a more prescriptive calculation methodology with pre-defined parameters that our oversight committee will keep under review.”
Chicago Board Options Exchange Futures Exchange (CFE) halted trading for 90 minutes on Friday, the third halt in the past week, Bloomberg reported.
London Bullion Market Association (LBMA) received 8 proposals to replace the century-old London gold fix, Bloomberg reported. Among the firms shortlisted are Intercontinental Exchange, London Metal Exchange, Chicago Mercentile Exchange, Thomson Reuters, Autilla and EBS.
European Securities and Markets Authority launched a consultation on non-deliverable forwards (NDF) clearing, although a final implementation date has yet to be announced, FX Week reported.
Dubai Gold Commodities Exchange (DGCX) CEO Gary Anderson stepped down from his role due to ill health, Reuters reported. Gaurang Desai, the exchange’s COO, will act as interim CEO.
Morgan Stanley CEO James Gorman stated that Morgan Stanley’s commodities operation could be optimized, Reuters reported. According to Gorman, “we believe we remain well-positioned for further capital actions given the magnitude of our fundamental strategic change and our improving earnings profile.”