A new benchmark for silver, the LBMA Silver Price, is set to launch early next month, London-based ICE Benchmark Administration (IBA) announced Thursday.
IBA will launch the new benchmark, and operate the underlying auction, starting on Oct. 2.
Canadian banks that will take part in the auction from he first day include Bank of Nova Scotia and Toronto-Dominion Bank, along with firms such as HSBC Bank USA NA, J.P. Morgan, and Morgan Stanley.
IBA already administers the LBMA Gold Price, which it took over back in 2015.
Earlier this month, IBA's affiliate, ICE Futures U.S., introduced a new daily futures contract for silver, in order to facilitate central clearing for the new LBMA Silver Price auction upon launch.