London silver fix to be scrapped from August

SINGAPORE Wed May 14, 2014 2:44am EDT

SINGAPORE May 14 (Reuters) - The silver "fix", a global benchmark for spot silver prices, will cease to operate after Aug. 14, the company that administers the process said on Wednesday, amid increasing regulatory scrutiny of price-setting in bullion markets.

Deutsche Bank AG, HSBC and Bank of Nova Scotia will continue to participate in the fix until then, the London Silver Market Fixing Ltd said.

Last month, Deutsche Bank resigned its seat on the London precious metal fixes without finding a buyer after its decision to withdraw from the bulk of its commodities business. (Reporting by A. Ananthalakshmi and Melanie Burton; Editing by Richard Pullin)

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