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The Gold Fixing Game

The gold spot price is fixed by four banks every day at 10:30 am and 3 pm London time. This document describes a role-play simulation that replicates core features of the London gold fixing with the aim to better understand the incentives and the behaviour of the fixing participants. The game is based on a spreadsheet and demonstrates the role of asymmetric information, information sharing and front-running in the fixing process. The document also describes how the game can be played in class with students and how role-play games enhance student learning and create a link between teaching and research. Additional Monte-Carlo simulations further demonstrate opportunities for misbehaviour around the fixing. The analysis suggests that a focus by regulators on market design may be superior to an ex-post identification of manipulation. The regulatory implications extend to other markets in which misbehaviour may exist.