Multiple choice general knowledge

The ‘fixing’ started on 12 September 1919 and takes place twice daily. These days, the proceedings take place by phone at 10:30 GMT and 15:00 GMT and the five participants are 1) Scotia-Mocatta 2) Barclays Capital 3) Deutsche Bank 4) HSBC 5) Société Générale. The chair always ends the meeting with the phrase "There are no flags, and we're fixed". What is being ‘fixed’?

  1. Price of Gold

  2. Price of Oil

  3. Dollar rate

  4. Interest rate
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A Correct answer
Explanation

The London Gold Fixing is a twice-daily procedure for setting the price of gold, which began on September 12, 1919. The five participating banks indeed include Scotia-Mocatta, Barclays Capital, Deutsche Bank, HSBC, and Société Générale. The phrase 'There are no flags, and we're fixed' signals that all participants agree on the price and the fixing is complete. Oil prices, dollar rates, and interest rates have different benchmark-setting procedures.

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