The first London silver price to replace the 117-year-old fixing ritual conducted by a few traders was set today in an attempt to make the process more transparent amid increased scrutiny of benchmarks.
The LBMA Silver Price, set through an electronic, auction-based mechanism, settled after four rounds of negotiations at $19.86 an ounce shortly after noon today, exactly where it ended at yesterday’s final fixing. HSBC Holdings Plc, Bank of Nova Scotia and Mitsui & Co. were accredited to participate, the London Bullion Market Association said today. The sale volume offered was 525,000 ounces and 325,000 ounces were sought.
