The London Market needs YOU! A Brief Update.

In relation to the London fixing benchmark for silver, Richard Firth dialled into the ISDA call which took place at noon (London time) yesterday.

The conference call was well attended by a large number of ISDA members. 

The call was led by ISDA’s Peter Werner.

Also in attendance was Richard Tredgett from Allen & Overy who gave a detailed legal analysis of the issues and highlighted some possible solutions.

ISDA is working closely with the London Bullion Market Association (LBMA) and their Chief Executive, Ruth Crowell, outlined the numerous steps which the LBMA is taking.  Already, some 250 institutions in the market have provided feedback to the LBMA. The LBMA is concluding its initial consultations at the end of May.

There is clearly a lot to do before August 14th which is the last day on which The London Silver Market Fixing Limited is operational and there may well be an interim solution before a permanent arrangement can be implemented.

Overall there was a spirit of optimism coupled with the need for a lot of work.  But neither a drama nor a crisis. 

ISDA is circulating a detailed note of the call to all participants.

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