According to the London Bullion Market Association (LBMA) website eight companies have expressed interest in providing an alternative to the silver fix. The proposals will be presented to the LBMA on June 20th with the LBMA short listing the best proposals before hand.

Two months ago the company behind the fix confirmed they would stop administering the benchmark after Deutsche bank failed to find a buyer for its seat.

Following a number of lawsuits alleging market manipulation banks have been reluctant to buy the seat. Just over a month ago Barclays Bank was fined £26 million for allowing one of their senior gold traders to manipulate the gold price.