LBMA ceo Ruth Crowell First silver, now gold –
hi-tech price discovery has arrived for precious metals, and
while contributors are limited at present, the new format looks
set to attract input from all over the world, including from
China’s banks. The biggest change to date is
undoubtedly that, for the first time ever, an electronic
algorithm is now being used to set the benchmark price for
silver and a similar system should soon be introduced for gold.
The LBMA’s silver price consultation was concluded
in July, with CME Group and Thomson Reuters named as the new
administrators of the price, now known as the LBMA Silver
Price. The decision was made following feedback from the
industry, and a seminar. All the bids that had met the
requirements were considered, Crowell said. "Not just our
members, but ISDA members, and any legitimate members of the
market were invited to the seminar. We...