LONDON, 13 June 2014 – Comment from BullionVault features today in the Wall Street Journal's latest online report on the search to replace London's daily Silver Fix before it ends this summer.
With the current process, running for nearly 120 years, due to close in mid-August for a lack of participant banks, the London Bullion Market Association – trade association for the world's central gold and silver market – "will whittle down the shortlist" of proposed replacements, the WSJ says.
LBMA members, who include physical exchange BullionVault as well as miners, refiners, transport providers, bullion banks, dealers and traders, will then review the strongest ideas at a seminar to be held Friday 20 June.
"One of the key ingredients for a successful replacement to the London silver fix will be its attractiveness to market participants as a platform for physical trade," the Journal says, quoting Adrian Ash, head of research at BullionVault.
"The issue with the fix is it is a benchmark [only] in hindsight," Adrian explains. "It doesn't exist to create a reference price. It exists as a dealing point."
Self-declared entrants promoting their solutions through the media now include trust-fund sponsors ETF Securities, trading exchanges the CME and LME, plus data and news services Thomson Reuters and Platts.
WSJ subscribers can see the full story – syndicated to other sites, including New York's Nasdaq stock market exchange – here:
