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CME Group, the Chicago-based derivatives exchange company, reports that it has been appointed by the over-the-counter (OTC) silver market and the London Bullion Markets Association to provide an electronic solution to transform the London OTC silver spot price situation, according to a statement citing CME’s William Knottenbelt, senior managing director, EMEA.
The CME Group’s transaction-based OTC auction platform will work with Thomson Reuters’ benchmark administration services to deliver “a strong London footprint, a deep understanding of the silver markets, and a fully IOSCO-compliant, FCA-regulated solution to the London bullion marketplace,” Knottenbelt says in the statement.
“We understand how important the silver spot benchmark is to the physical metals industry, and we look forward to continuing to engage with key metals industry stakeholders to deliver our new solution on August 15,” Knottenbelt says.
IOSCO is the International Organization of Securities Commissions, and the FCA is the UK’s Financial Conduct Authority
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