Silver fixed by new parties
CME Group and Thomson Reuters will provide a London Silver Fix solution starting from 15 August, which will replace the previous fix system in place for over a century.
The new solution will take over a process of daily silver price fixing that started in 1897.
CME is set to provide an over the counter (OTC) auction platform, which will use Thomson Reuters Benchmark Administration service to provide an electronic solution that will enable a London OTC silver spot price.
William Knottenbelt, senior managing director, EMEA for CME Group, said: “CME Group’s transparent, transaction-based OTC auction platform, combined with Thomson Reuters’ independent Benchmark Administration services will deliver a strong London footprint, a deep understanding of the silver markets, and a fully IOSCO-compliant, FCA-regulated solution to the London bullion marketplace. As an industry leader in precious metals price discovery, we understand how important the silver spot benchmark is to the physical metals industry, and we look forward to continuing to engage with key metals industry stakeholders to deliver our new solution on August 15th.”