by MetalMiner IndX Reports on OCTOBER 21, 2014 - The London Metal Exchange will run the replacement for platinum and palladium fixings. The daily silver benchmark was overhauled this year and as the price-setting ritual for gold is being revamped, as well. All are abandoning phone-based price fixing for electronic, auction-style price fixings.
The biggest industrial metals bourse will take over on Dec. 1 the procedure that currently takes place each day at 9:45 a.m. and 2 p.m. by phone, the London Platinum & Palladium Fixing Company Ltd. said today in a statement. BASF Metals Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc and Standard Bank Plc currently conduct the fixes, the London Platinum & Palladium Market website shows.
Silver became the first precious metal to ditch the daily fixing procedure in August after Deutsche Bank AG said it would stop participating as it scales back its commodities business.