New Silver Fix launches today

CME Group, LBMA and Thomson Reuters launches the first LBMA Silver Price today

LONDON, Aug. 15, 2014 / PRNewswire

CME Group, the world’s leading and most diverse derivatives marketplace, and Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, 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.

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. Deep industry engagement and broad market support leading up to the launch of this new benchmark should minimise disruptions and enable a seamless transition for the market.

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.

Without the engagement and support of the market we would not have been able to implement the solution. I would also like to extend my thanks to those who have already achieved accreditation as a price participant and to those who are progressing towards accreditation. Last and not least, I would like to thank both CME Group and Thomson Reuters who have pulled out all the stops to ensure that the LBMA Silver Price was launched on schedule. To have satisfied all of the legal, compliance, regulatory and IT requirements in such a short window is testament to their dedication and support for the London Bullion Market.”

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