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Updated 10:06 07/06/20

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New electronic silver price fix to start today

Peter Walden, News Editor
15 Aug 2014, 11 a.m.

The final conference call between banker-dealers in the London silver market took place yesterday as the silver price enters a new era of electronic benchmarking. The silver fix, which has benchmarked the precious metal for the past 117 years, will be replaced by a new price mechanism where orders are entered electronically and prices are correctly balanced between buy and sell orders through an algorithm.

At Midday an electronic auction will start on a trading platform provided by CME Group Inc. All members will begin bidding at a price based off quoted rates for silver across the market. Members will trade volumes at the initial seed price for 30 seconds. If after the auction buy and sell volumes fall within 300,000 ounces of each other the new price will be set. If not, the auction will be reset at a new price determined by the algorithm. Auctions will continue to be reset until the buy and sell orders reach a balance at the correct seed price.

View original source at: uk.reuters.com

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