Silver Fixing Company to Stop Running London Benchmark
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The company that runs the London silver fixing, a benchmark dating back more than a century, will stop running the process after Deutsche Bank AG said two weeks ago that it was dropping out of the price-setting ritual.
The London Silver Market Fixing Ltd. will stop administering the fixing on Aug. 14, it said today in a statement. Until then, Deutsche Bank, HSBC Holdings Plc and Bank of Nova Scotia will remain the three members of the company, which will liaise with the U.K. Financial Conduct Authority. Alternatives may be available. The London Bullion Market Association started a consultation and will work with the market, regulators and potential administrators.