By Ese Erheriene 

LONDON--The London Bullion Market Association on Friday said it has shortlisted five companies to manage a new electronic gold fix, the latest in a series of changes to the precious metals markets as a result of scandals found in some global benchmarks.

In a statement, the LBMA said it received eight proposals, and has cut the list down to five: Autilla Ltd (with Sapient Corp.); CME Group Inc. (with Thomson Reuters Corp.); Intercontinental Exchange Inc.; EBS Service Co. Ltd, a unit of ICAP PLC; and the London Metal Exchange, a unit of Hong Kong Exchanges & Clearing Ltd.

A winner is expected to be chosen by market consensus in November with the fix expected to go live between the end of the year and early 2015, the LBMA said in a statement.

"We are keen that as many market participants are involved in the process. We are also specifically looking to identify those participants who are willing to take part in the launch of the new mechanism," said Ruth Crowell, chief executive of the LBMA.

The announcement comes the day after the LME won a bid to manage the platinum and palladium fixes. Earlier this year, CME and Thomson Reuters won the rights to manage the silver fix.

Write to Ese Erheriene at ese.erheriene@wsj.com

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