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Published On: Thu, Sep 28th, 2017

LBMA Silver Price Benchmark – Changes, but no Wider Participation

On 2 October, ICE Benchmark Administration will take over the running of the daily LBMA Silver Price auction. This follows the mysterious decision in March of this year when CME and Thomson Reuters announced that they would be stepping down from administering and calculating this widely used silver price benchmark.

While the tender process of appointing a silver auction administrator in 2014 was at least partially transparency and the LBMA provided regular updates on the process, this time around the tender (which ICE won) was shrouded in secrecy, with no information on which solutions providers applied, how the selection process was carried out, or why ICE was chosen.

ICE now claims that is intends to widen participation in the silver auction and ensure that it is IOSCO financial benchmark compliant. But with 500-1000 active trading entities in the global silver market, the fact that there are only 5 bullion banks and 2 other trading entities directly participating in the silver auction illustrates that wider participation is a long way off and may never really happen. Read Full Article

Source: Bullion Star

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