The fixing price of London Bank starts from 1897, and three banks participate in the pricing. After becoming the spot silver benchmark price for nearly 120 years, due to the withdrawal of Deutsche Bank, the management of London silver benchmark price stopped on August 20 14 14. The London Gold and Silver Market Association made this decision mainly because Deutsche Bank gave up the pricing power of gold and silver. After Deutsche Bank gave up pricing power, only HSBC and scotiabank exercised silver pricing power. However, it is not feasible for only two banks to exercise pricing power, so the other banks will also give up pricing power.
At present, London and new york are the most concerned in the global silver market. The United States is the first country in the world to carry out silver futures trading, and its silver futures contract trading unit is relatively large, the standard trading unit is 5000 ounces, and the delivery method is physical delivery. There are also two kinds of small contracts, 1000 ounces and 2500 ounces, both of which are cash delivery. Silver trading in London began in the17th century, mainly for spot trading of silver and forward trading of risk hedging. At present, the London Gold and Silver Market Association stopped managing the benchmark price of silver in London from August 20 14, which is expected to enhance the pricing power of silver futures in new york.
Silver, like gold, is a global investment variety and is traded all over the world. Silver can be traded in many financial centers around the world, including Sydney, Tokyo, Singapore, China, Hongkong, Zurich, London and new york. In 20 13 years, the global silver futures contracts totaled nearly 244 million, up by172.57% year-on-year; In terms of trading volume, the total volume of global silver futures was 654.38+02.45 million tons, up 56.47% year-on-year.
With the increasing trading volume of gold and silver in China, the silver market in China will gradually lose its title of "shadow market", and the domestic silver price will gradually affect the international price. Therefore, China should strengthen the construction of domestic silver market, which not only refers to the expansion of scale, but also includes product perfection, sound system, risk prevention, market promotion, pricing mechanism and integration with the international market. Of course, the introduction of silver futures and continuous trading is only one step in the long way to compete for the pricing power of silver in the international market. Strengthening the comprehensive national strength, promoting the internationalization of RMB, opening the financial market and perfecting the financial system are all major issues that need to be solved in the process of obtaining the international pricing power of silver.