Several Chinese banks have expressed interest in participating in the new global price setting mechanism for silver, according to the head of the London Market Bullion Association.
The LBMA ushered in a new era of electronic benchmarking for London’s precious metals market in August when an algorithm was used for the first time to set the benchmark price for silver.
But so far only five participants have signed up to the new process, with JPMorgan Chase joining on Monday. The LBMA Silver Price replaces a closed teleconference run by member banks that was criticised for being opaque and vulnerable to manipulation.
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