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CME CME Group Inc

209.64
0.00 (0.00%)
Pre Market
Last Updated: 13:49:32
Delayed by 15 minutes
Share Name Share Symbol Market Type
CME Group Inc NASDAQ:CME NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 209.64 205.86 209.60 10 13:49:32

Silver Fix Goes Electronic for First Time

15/08/2014 12:40pm

Dow Jones News


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Two banks and a metals trading house are providing data for the first-ever electronic fixing of the daily silver benchmark on Friday, the London Bullion Market Association said.

Bank of Nova Scotia and HSBC participated in the previous, telephone-based system that has ruled the silver market for the past 117 years. The newcomer is Japanese trading house Mitsui & Co. Precious Metals--a prominent player in the silver market.

The new price will be set electronically at noon London time on Friday.

Until now, the silver benchmark, known as the silver fix, has been set by a panel of three banks, which would meet on a daily, private conference call to establish a price for a range of users from mining companies to high-street jewelers and central banks.

That system is being replaced by an electronic benchmark--called the London Silver Price--run by a consortium of CME Group Inc. and Thomson Reuters Corp., in partnership with the LBMA, a trade group. The new auction-based electronic system will match buying and selling orders from accredited market participants to reach a benchmark price.

More participants, including banks, trading houses, refiners and producers, are expected to join the new system in the weeks ahead, said the LBMA.

"Given the strong market engagement in the live testing and accreditation process, the LBMA fully expects the list of price participants will grow over the coming weeks," it said.

Write to Ese Erheriene at ese.erheriene@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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