The Fix is Out! London Silver Fix to End Aug 14th

silver fixWill 2014 go down in history as the year that the silver manipulation ended?
First JPMorgan exited their commodities business, and today, the London Silver Market Fixing has announced that effective August 14th, 2014, The Company will cease issuing daily the silver fix permanently.

1. What will happen after 14 August 2014? Will the Silver Fixing cease to exist?
With effect from the close of business on 14 August 2014, the Company will cease to administer a Silver Fixing, and a daily Silver Fixing Price will no longer be published by the Company.

4. What happens after 14 August 2014 for market participants with contracts referencing the Silver Fix?

The Company is not in a position to comment on such matters, but market participants can speak to their contractual counterparties.

 

570x400 SDWC Slider_3 (1)

Official Press Release:

LONDON, UNITED KINGDOM–(Marketwired – May 14, 2014) – The London Silver Market Fixing Limited (the ‘Company’) announces that it will cease to administer the London Silver Fixing with effect from close of business on 14 August 2014. Until then, Deutsche Bank AG, HSBC Bank USA N.A. and The Bank of Nova Scotia will remain members of the Company and the Company will administer the London Silver Fixing and continue to liaise with the FCA and other stakeholders.

The period to 14 August 2014 will provide an opportunity for market-led adjustment with consultation between clients and market participants.

The London Bullion Market Association has expressed its willingness to assist with discussions among market participants with a view to exploring whether the market wishes to develop an alternative to the London Silver Fixing.

Q&A

1. What will happen after 14 August 2014? Will the Silver Fixing cease to exist?

With effect from the close of business on 14 August 2014, the Company will cease to administer a Silver Fixing, and a daily Silver Fixing Price will no longer be published by the Company.

2. What will happen in the period up to that date?

The Company intends to continue to administer the daily Silver Fixing and publish Silver Fixing Prices throughout that period.

3. Why a three month notice period?

Although members of the Company may resign on seven clear days’ notice, the members have confirmed that they stand ready to continue the Company’s operations until (and including) 14 August 2014.

4. What happens after 14 August 2014 for market participants with contracts referencing the Silver Fix?

The Company is not in a position to comment on such matters, but market participants can speak to their contractual counterparties.

5. What does this mean for the gold, and platinum and palladium fixing companies?

This decision relates only to the London Silver Fixing administered by the Company. The Company is not in a position to comment on other fixings.

For more information please contact:
London Silver Market Fixing Limited
Simon Weeks
Chairman
020-7826-5930
[email protected]

Canada
Sean Hamilton
416-866-2054
[email protected]

 

 

Is this the beginning of the end of the decades long cartel manipulation of the silver market?