On March 3 the CME Group, along with Thomson Reuters, without warning announced their resignation from running the auctions which set the daily silver price for the LBMA.
Long known as the London Price Fix, this sudden resignation by the two U.S. corporations which play an intrinsic role in controlling the price of silver comes just months after Deutsche and other banks admitted in court that they have been rigging prices in the silver markets for more than a decade.
CME Group and Thomson Reuters are to step down from providing the LBMA silver price benchmark auction, the London Bullion Market Association said on Friday, less than three years after they successfully bid to provide the process.
"In consultation with the LBMA, CME Group and Thomson Reuters have decided to step down from their respective roles in relation to the LBMA Silver Price auction," the LBMA said in a members update seen by Reuters.
The two will continue to operate and administer the silver auction until a new provider is appointed, the LBMA said. It will launch a new tender to appoint an alternative provider to operate the process "shortly", it said. - Reuters