Tech Companies Planning Electronic Alternative to Silver Fix

Reuters reported yesterday that already a number of technology companies have started looking for ways to provide an electronic alternative to the historic London silver fix, which will be dissolved on August 14, 2014.

As quoted in the market news:

‘We are working on an alternative proposal (to the silver fix) already,’ one technology provider said.

The silver ‘fix’ is set once a day with banks getting together via telephone to agree a price, based on deals between their clients. It is used by producers, consumers and investors who use it to base contracts on.

The 117-year old London silver price benchmark’s operator delivered a surprise to customers on Wednesday, saying it would stop administering the process on Aug. 14.

Click here to read the full Reuters report.