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London Fixing
London fixing refers to benchmark price-setting processes historically used in commodity and financial markets, most notably precious metals. Prices were established at specific times through coordinated input from major market participants.
Although less central in oil markets today, fixing concepts influence settlement methodologies and index construction. Some physical oil contracts reference average prices derived from specific pricing windows rather than continuous trading.
The fixing process aimed to provide a transparent reference price for settlement and valuation, but it also faced criticism over governance and susceptibility to manipulation.
Understanding fixing mechanisms helps traders interpret benchmark prices, settlement rules, and the evolution of pricing transparency across global commodity markets.