LBMA Silver Price launches new era in pricing precious metals
LONDON, August, 2014 – CME Group and Thomson Reuters have launched the new LBMA Silver Price mechanism in partnership with the London Bullion Market Association (LBMA).
CME Group, Thomson Reuters and LBMA have joined forces to provide the over-the-counter spot silver market with a new transaction-based price-setting mechanism for the LBMA Silver Price that is IOSCO-compliant and fully electronic.
CME Group will provide the electronic auction platform on which the price will be calculated, Thomson Reuters will be responsible for administration and governance and the LBMA will accredit price participants.
The new LBMA Silver Price benchmark will be published and distributed by Thomson Reuters and will be available on the LBMA’s website.
The London Silver Fix, most recently administered by London Silver Fixing Market Limited, which ceased operations as of August 14, was a global benchmark for 117 years.
The new price setting mechanism developed by CME Group, Thomson Reuters and LBMA for establishing the over-the-counter spot silver price will ensure continuity for market participants via a transaction-based auction platform.
It will continue to be London-based and will offer a fully IOSCO-compliant solution to the London bullion market.