Thomson Reuters, CME Group to develop silver benchmark

LONDON, Feb 4 (Reuters) - Thomson Reuters and CME Group announced on Thursday a package of measures to further develop the silver benchmark.

The benchmark’s oversight committee has held two extraordinary meetings since last Thursday.

The official price for silver settled more than 80 cents below the spot price on Thursday, Jan. 28.

The Financial Conduct Authority has been kept fully informed, the companies said in a release.

The measures include the suspension of the process if the administrators believe the integrity of the auction or participants is threatened.

The measures are also aimed at increasing the participation in the auction of companies that are not banks.

“This protocol has been in place since Friday January 29, 2016,” the release said. “In addition we look at the viability of introducing centralized clearing of all auction trades, to make the process easier and less capital intensive for participants.”

Reporting by Clara Denina; editing by Susan Thomas