July 11, 2014 / 11:29 AM / in 3 years

CME Group, Thomson Reuters win race to replace London silver fix

LONDON, July 11 (Reuters) - The Chicago Mercantile Exchange (CME) and Thomson Reuters Benchmark Services Ltd will operate an electronic silver price benchmark when the current 117-year-old process, known as the “fix”, is disbanded in August, the London Bullion Market Association (LBMA) said on Friday.

The current operator of the benchmark - London Silver Market Fixing Ltd - said in May it would stop running the daily fix-setting conference call, following increased regulatory attention in the wake of benchmark manipulation in other markets.

The LBMA had subsequently consulted with market participants with the aim of producing a transparent electronic alternative that complies with toughened regulatory standards. The new process starts on Aug. 15, the LBMA said.

Thomson Reuters Benchmark Services is part of Thomson Reuters Corp .

Reporting by Clara Denina and Jan Harvey; Editing by Veronica Brown and Dale Hudson

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