International derivatives marketplace CME Group Inc (NASDAQ:CME) and business information giant Thomson Reuters Corp (NYSE:TRI) have announced that Morgan Stanley (NYSE:MS) has joined the LBMA Silver Price as a new member. CME Group and Thomson Reuters operate the Silver Price.
The financial services firm Morgan Stanley will be the seventh participant joining China Construction Bank, HSBC Bank USA NA, JPMorgan Chase Bank, The Bank of Nova Scotia, The Toronto Dominion Bank and UBS AG. They will first participate in the Silver price auction on October 25, 2016.
We’re very pleased to have Morgan Stanley join as a participant in the LBMA Silver Price,” said William Knottenbelt, Senior Managing Director, International, CME Group. “The addition of another member brings greater depth and diversity to the market and underlines the ongoing globalisation of the Silver Price as a leading, liquid precious metals benchmark.”
Ruth Crowell, Chief Executive of the LBMA, commented:
I am delighted that Morgan Stanley has joined the LBMA Silver Price auction process. They add depth and liquidity to the auction and I look forward to other market participants joining in the future.”
Tobias Sproehnle, Head of Benchmarks, Thomson Reuters, added:
With the addition of Morgan Stanley to the panel, the LBMA Silver Price provides even deeper insight into the global silver market. We continue to welcome new participants to this essential mechanism for the markets.”
CME Benchmark Europe Limited and Thomson Reuters have operated the LBMA Silver Price since August 2014 when they took over responsibility from the London Silver Market Fixing Limited.