CME/Thomson Reuters to run the silver fix— reports

According to FastMarkets.com, the LBMA made its decision Friday in a closed meeting at the Royal Exchange, and it is expected to make an official announcement later today or Tuesday. The LBMA had been working to find a new silver fixing process since May 14, when the London Silver Market Fixing Limited surprised the market and announced that it would stop administering the 117-year old London silver fixing by mid-August.

A new system is supposed to go from being an obscure process conducted via conference call between a handful of banks to a "robust transaction-based electronic system" to set the daily spot price. Deutsche Bank, Germany's largest financial institution by assets, quit its seat on both the London Gold Fixing and Silver Fixing panels in early May amid investigations of manipulation and price misshandling.

Read More: www.mining.com/cmethomson-reuters-to-run-the-silver-fix-reports-15389/