Reuters reported that according to the London Bullion Market Association (LBMA), silver market participants want to see an “electronic, auction-based system” replace the London silver fix when it ceases to be administered at the end of the day on August 14, 2014.

As quoted in the market news:

Citing the results of a survey, which attracted 440 participants, the LBMA said: ‘The general consensus was that the silver pricing mechanism should be an electronic, auction-based solution. The solution must be tradeable, with an increased number of direct participants.’

LBMA Chief Executive Ruth Crowell said the association had launched a request for proposals from all companies who had expressed an interest in administering the silver price benchmark.

Members of the association, which include the current fixers and other large bullion-trading banks such as JPMorgan and UBS, would provide feedback on the proposals at a seminar on June 20, she said.

Click here to read the full Reuters report.