The London silver price will begin to be set by an electronic system in replacement of the London Silver Fix, starting in August. The new system will be auction based and auditable, as well as capable of trading with more direct participants, according to an official statement by LBMA. The statement noted that CME Group will be responsible for the price platform and methodology as Thomson Reuters will be for administration and governance.
The initial mechanism for setting the silver price was introduced in 1897 and was up for expiry in mid-August. Deutsche Bank had announced plans to drop out. Following this change in silver-price setting, SkyNews has reported that a replacement for setting the gold price might also be on the horizon. CJ
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