July 11, 2014 / 11:32 AM / 5 years ago

CME Group, Thomson Reuters win race to replace London silver fix

LONDON, July 11 (Reuters) - The Chicago Mercantile Exchange (CME) and Thomson Reuters Benchmark Services Ltd will operate an electronic silver price benchmark when the current 117-year-old process, known as the “fix”, is disbanded in August, the London Bullion Market Association (LBMA) said on Friday.

The current operator of the benchmark - London Silver Market Fixing Ltd - said in May it would stop running the daily fix-setting conference call, following increased regulatory attention in the wake of benchmark manipulation in other markets.

The LBMA had subsequently consulted with market participants with the aim of producing a transparent electronic alternative that complies with toughened regulatory standards. The new process starts on Aug. 15, the LBMA said.

Thomson Reuters Benchmark Services is part of Thomson Reuters Corp .

Reporting by Clara Denina and Jan Harvey; Editing by Veronica Brown and Dale Hudson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below