ICE to take over London silver benchmark on Sept. 25

LONDON, Aug 29 (Reuters) - ICE Benchmark Administration, a unit of Intercontinental Exchange, expects to begin operating the London Bullion Market Association (LBMA) silver benchmark on Sept. 25, subject to regulatory approval, ICE said on Tuesday.

The LBMA selected ICE to run the LBMA Silver Price last month over a rival bid by the London Metal Exchange.

ICE already operates the LBMA Gold Price benchmark, which is set via an electronic auction. The exchange introduced clearing of business transacted during the auction in April.

The silver benchmark will also be set by auction and ICE said on Tuesday it would launch a London-settled silver futures contract on Sept. 5 to facilitate clearing. (Reporting by Peter Hobson; Editing by Mark Potter)