Silver Price-Fixing Talk Results in Two Piece Firm Resignations
The two major firms that oversee the daily silver fixing for the London Bullion Market Association (LBMA) are unexpectedly resigning from their appointments after the passage of a new European benchmark regulation has prompted a review of the group’s silver price-fixing administration arrangements.Thomson Reuters and CME Group, which each provide the daily service to the LBMA, announced their resignations last week. No immediate reason was provided, but new legislations scheduled to go into effect in January 2018 cover firm contribution and use a wide set of benchmarks, according to the London-based Financial Conduct Authority.The daily silver and gold price fixing are established procedures that set prices for billions of dollars in jewelry and mining activities, yet the close scrutiny price benchmarking has received in recent years, and in some cases, accompanying scandals, leaves more downside reputational and legal liability than upside appreciation. Ross Norman , an executive at the London-based Sharps Pixley Ltd., said there was “very modest commercial reward” for firms providing daily benchmark supervision of the electronic auction price setting arrangement.Thomson Reuters and the CME Group, which have been providing the price fixing since 2014, said they will continue to operate and administer the auction until the LMBA can find new providers.
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