BEIJING (Reuters) - The London Metal Exchange (LME) will submit a proposal to take over the London silver fix, James Proudlock, managing director and head of market development for the exchange and its clearing business, said on Wednesday.
A request for proposals was recently issued to find a replacement for CME Group (O:CME) and Thomson Reuters (TO:TRI) after they said they would step down from providing the silver price benchmark auction less than three years after successfully bidding to provide the process.