News Column

CME Group, Thomson Reuters To Set Silver Benchmark

July 11, 2014

Anthony Tshibangu

LONDON (Alliance News) - Thomas Reuters, the data and news services, and exchange operator CME Group have been selected to oversee the new global silver price benchmark when the 117-year old London silver fix is disbanded in August, The London Bullion Market Association said Friday.

The announcement comes after The Financial Times Thursday reported that the two companies were leading the chase to oversee the new service.

The currently daily fix is shutting down because Deutsche Bank failed to find a buyer for its seat, leaving only two other members.

While the new benchmark will maintain the existing auction-style process to match buy and sell orders for silver bars, electronic trading will replace the closed teleconference run by three banks.

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Source: Alliance News

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