LBMA Silver Price Replaces London Silver Fix
The London Bullion Market Association (LBMA) announced that today, along with CME Group Inc. (NASDAQ:CME) and Thomson Reuters Corp. (NYSE:TRI), it launched the first LBMA Silver Price.
The London Bullion Market Association (LBMA) announced that today, along with CME Group Inc. (NASDAQ:CME) and Thomson Reuters Corp. (NYSE:TRI), it launched the first LBMA Silver Price. The new electronic auction system replaces the 117-year-old London Silver Fix and “will provide pricing and liquidity continuity for market participants.”
As quoted in the press release:
The LBMA Silver Price provides a fully IOSCO-compliant solution to the London bullion market and streamlines the dissemination of data to numerous data vendors. Our intention throughout the market consultation and implementation process has been to minimise any possible disruptions and facilitate a seamless transition for the market. This has been achieved today through the partnership with the CME Group and Thomson Reuters.
CME Group provides the electronic auction platform on which the price is determined and Thomson Reuters, as the LBMA Silver Price benchmark administrator, is responsible for administration and governance. The LBMA will accredit price participants and own the intellectual property rights. The benchmark price will continue to be published and distributed by various data vendors and will be available on the LBMA’s website.
Ruth Crowell, chief executive of the LBMA, commented:
I am delighted that the first LBMA Silver Price will be launched today. This is the culmination of an intense three month period of consultation, discussions and preparation. I would like to take the opportunity to thank all those who have been involved in the process. The LBMA has been overwhelmed with the support that it has received from its partners, CME Group and Thomson Reuters as well as LBMA members and other participants in the wider market.