CME CME Group Inc

LONDON--The 95-year-old London gold fix is poised to undergo a major overhaul, as the banks that set the daily benchmark begin the search for a third-party administrator to run the process, people with knowledge of the matter said Wednesday.

The move follows a similar shakeup to the silver fix, which is due to be replaced Aug. 15 by a new system provided jointly by CME Group Inc. and Thomson Reuters Corp.

The banks that currently operate the London gold fix--Barclays, HSBC, Bank of Nova Scotia and Société Générale--are seeking an independent chairman for the gold benchmark and a third-party administrator to operate it, the people said. They are also drawing up a new code of conduct for the benchmark, they said.

Write to Francesca Freeman at francesca.freeman@wsj.com

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