The London Metal Exchange (LME) and Autilla have entered into a strategic alliance to deliver the new London Silver Price.
The alliance will link Autilla’s interbank bullion trading platform to the LME’s regulatory framework and infrastructure.
“Throughout the LBMA’s process, the market has consistently indicated that Autilla’s technology and the LME’s compliance and price discovery systems are market-leading, and LME and Autilla have received numerous requests from the market to provide a joint solution,” says Garry Jones, CEO of the LME. “By drawing together our respective bids we can offer a fully electronic version of the current pricing procedure, with the LME standing behind the quality of the prices discovered on the platform.”
“The new architecture retains the existing spirit, tradition and prestige of the current procedure while adding new elements to create a process which is more efficient, transparent, well-documented and regulatory compliant,” says Mike Greenacre, CEO of Autilla. “Working with the LBMA and its members we will ensure that the London Silver Price is delivered cost-effectively and in the best interests of the market as a whole.”
The solution will be ready for testing from 14 July with implementation and roll-out to begin in early August. The current silver fix will cease on 14 August 2014.
