British market is one of a number of firms vying to run the silver price mechanism
The London Metal Exchange (LME) is planning to launch its
silver price settlement solution and test trade sessions on
July 14, one month before the London Silver Market Fixing stops
running the benchmark.
Speaking at briefing, a number of LME executives said on
Tuesday market participants want an electronic solution and it
is targeting a July launch date to ensure banks and other
participants have time to prepare for the LME’s
launch if it is successful in its bid.
"We are targeting 14 July as a ready date so that testing of
the process and linkages is established… no banking
institutions would sign up to the system it hasn’t
been tested," said Garry Jones, chief executive of LME.
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