Thomson Reuters and CME win silver price fix bid - reports

Their joint bid was chosen on Friday. Subject to regulatory approval, it will take effect in August.

The London Bullion Market Association has been working to find a new silver fixing process since May when London Silver Market Fixing Limited surprised the market and announced that it would stop administering the 117-year old twice-daily London silver fixing by mid-August.

A new system to set the daily spot price for bullion is supposed to change from being an obscure process conducted via conference call between a handful of banks to a "robust transaction-based electronic system". Deutsche Bank quit its seat on both the London gold and silver fixing panels in early May amid investigations into alleged manipulation and price misshandling.

Separate talks on how to overhaul the London gold fix, which has been used as a benchmark for the global physical trade in the precious metal since 1919, were held on Monday. ■