* CME, Thomson Reuters stepping down from fix
* LME still interested in listing hot-rolled coil contract (Updating throughout)
HONG KONG, May 10 (Reuters) - The London Metal Exchange (LME) will submit a proposal to take over the London silver fix, a senior executive said on Wednesday, the first company to publicly express interest in replacing the current operators of the price benchmark.
James Proudlock, managing director and head of market development for the exchange and its clearing business, said the exchange would take part in the process after a request for proposals (RFP) was recently issued to find a replacement for CME Group and Thomson Reuters.
Those companies said in March they would step down from providing the silver price benchmark auction less than three years after successfully bidding to provide the process.
“There is a silver RFP for the silver benchmark. As a metal exchange, we will participate in the RFP,” said Proudlock.
Proudlock’s comments come as the world’s oldest and biggest metal market prepares to launch a new precious metals contracts in July 10.
The 140-year-old exchange took part in the bidding for the silver fix in 2014, but lost out to CME and Thomson Reuters. Sources have said more stringent banking regulations may complicate efforts by the London Bullion Market Association to find a successor.
The benchmark is used by silver producers and consumers around the world, including jewellers and electronics firms, to price their contracts in the multi-billion-dollar a day trade.
Other steps the LME is taking include continuing to look at listing a hot-rolled coil steel product, Proudlock said while at the LME Asia conference, although the exchange needs to consider the business case for it.
Reporting by Josephine Mason; Editing by Christian Schmollinger