JPMorgan Chase Bank is now the fifth accredited member of the silver pricing benchmark, the LBMA has confirmed, with others parties “in the pipeline”, a spokesman said.
The American multinational bank took part in its first benchmarking session yesterday after completing strict regulatory controls for accredited members, he said. JP Morgan becomes the fifth member, alongside HSBC Bank USA, Mitsui & Co Precious Metals, the Bank of Nova Scotia – ScotiaMocatta and UBS AG.
Furthermore, the LBMA has confirmed that several other parties are also in the process of joining the list, subject to passing regulatory requirements.
Had the silver benchmark administration consultation process not been subject to such strict deadlines, these firms may have been participating sooner, the spokesman indicated.
The London Silver Fix ended in August after the administration of the new London Silver Price Benchmark was awarded to CME Group and Thomson Reuters in July.
(Editing by Mark Shaw)