CME and Thomson Reuters to operate silver fix

|About: CME Group Inc. (CME)|By:, SA News Editor

CME Group and Thomson Reuters (TRI) have won the battle to operate the London silver fix when the current system is disbanded next month, says the London Bullion Market Association.

CME's role will be to provide a price platform and methodology, while Thomson Reuters will be charged with administration and governance.

The silver fix is currently set each day at noon by three banks (Deutsche, HSBC, and Scotiabank) via conference call, but there's been just a bit of scrutiny of late about possible benchmark manipulation in a number of other markets.

Silver's overhaul is likely just the beginning, with the gold, platinum, and palladium fixes next on tap for reform.