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INTL FCStone Inc. (NASDAQ:INTL) today announced that its London-based subsidiary, INTL FCStone Ltd's Precious Metals Division, is now a Direct Participant in the London Bullion Market Association (LBMA) Silver Auction, after having become a Direct Participant in the LBMA Gold Auction in April 2017.
ICE Benchmark Administration (IBA) has taken over the administration of the Daily LBMA Silver Price benchmark auction. This auction, the successor to the former London Silver Fix auction, takes the form of trading unallocated silver positions on an electronic platform. IBA introduced central clearing to the daily London Silver Price benchmark auction, removing the need for firms to have significant bilateral credit lines in place with each other to become a Direct Participant. INTL FCStone Ltd joins eight other firms taking part in the auction process.
Barry Canham, Global Head of INTL FCStone Ltd's Precious Metals Division, commented on today's news, "Becoming a Direct Participant in the LBMA Silver Auction is an important step in INTL FCStone's drive to enhance our client offering. Being a member of both the IBA Gold and Silver Auctions furthers our growth and demonstrates our commitment to our customer base, as well as cements our leadership position within the global bullion market."
