LONDON and CHICAGO, March 6,
2016 /PRNewswire/ -- CME Group, the world's leading and
most diverse derivatives marketplace, and Thomson Reuters today
announced that China Construction Bank Corporation (CCB) will
participate as a new member to the LBMA Silver Price.
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. CCB will be the first Chinese bank
and the sixth price participant, joining HSBC Bank USA NA, JPMorgan Chase Bank, The Bank of
Nova Scotia, The Toronto Dominion
Bank and UBS AG.
"We are delighted to welcome China Construction Bank as the
first Chinese participant to the LBMA Silver Price," said
William Knottenbelt, Senior Managing
Director, International, CME Group. "Increasing participation in
the auction ensures the relevance and integrity of the benchmark.
The addition of one of China's
leading banks, CCB, to the process will be welcomed by other silver
market participants."
This development follows a MoU signed in October 2015 with CCB, which stated CCB would
support CME Group's plans to offer Offshore Chinese Renminbi (CNH)
futures contracts with physical delivery in London for the first time, with CCB acting as
designated clearing bank of RMB in London. Under this MoU, CCB agreed to
participate in the LBMA Silver Price, as administered by CME
Benchmark Europe Limited, as well as to facilitate the trading of
CME Group products for CCB's customers in China.
Mr. Gu Yu, General Manager of the
Financial Markets Department, CCB, said: "CCB is delighted to be
the first Chinese Bank to become a participant in the Silver Price
auction process in London. This
further builds on our combined efforts to boost RMB liquidity and
products in Europe."
Ruth Crowell, Chief Executive of
the LBMA, commented: "I am very pleased to see a new participant
joining the LBMA Silver Price. In particular, I welcome the
addition of China Construction Bank which adds further
international dimension to the auction. We encourage other
market participants to step up and join the process."
The LBMA Silver Price is London-based and offers a fully
IOSCO-compliant solution to the London bullion marketplace. CME Group provides
the electronic auction platform on which the price will be
calculated and Thomson Reuters is responsible for administration
and governance of the benchmark as well as distribution. The LBMA
owns the IP in the price.
Tobias Sproehnle, Head of
Benchmarks, Thomson Reuters, said: "We welcome China Construction
Bank as a significant new participant, bringing additional depth
and international market insight to the silver price
mechanism."
CME Group
As the world's leading and most diverse
derivatives marketplace, CME Group (www.cmegroup.com) is where the
world comes to manage risk. CME Group exchanges offer the widest
range of global benchmark products across all major asset classes,
including futures and options based on interest rates, equity
indexes, foreign exchange, energy, agricultural commodities,
metals, weather and real estate. CME Group brings buyers and
sellers together through its CME Globex® electronic trading
platform, its trading facilities in New
York and Chicago, and
through its London-based CME
Europe derivatives exchange. CME Group also operates one of
the world's leading central counterparty clearing providers through
CME Clearing and CME Clearing Europe, which offer clearing and
settlement services across asset classes for exchange-traded
contracts and over-the-counter derivatives transactions.
These products and services ensure that businesses everywhere can
substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange,
Inc. KCBOT, KCBT and Kansas
City Board of Trade are trademarks of The Board of Trade of
Kansas City, Missouri, Inc.
All other trademarks are the property of their respective owners.
Further information about CME Group (NASDAQ: CME) and its products
can be found at www.cmegroup.com.
Thomson Reuters
Thomson Reuters is the world's leading
source of news and information for professional markets. Our
customers rely on us to deliver the intelligence, technology and
expertise they need to find trusted answers. The business has
operated in more than 100 countries for more than 100 years.
Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more
information, visit www.thomsonreuters.com.
CME-G
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SOURCE CME Group