Autilla offers fully functioning electronic solution for Silver Fix

The solution developed by the Autilla team is in conjunction with Cinnober Financial Technology of Sweden in response to the request by the London Bullion Market Association (LBMA) for independent businesses to tender for the operation and administration of the London Silver Fixing from 14th August 2014. Cinnober will provide the back-end trading and matching engine for Autilla. Cinnober is a world leading solution provider for markets and clearing houses, whose clients include the London Metal Exchange, the London Stock Exchange, Dubai Gold & Commodities Exchange and LME Clear to name a few. Autilla operates as a fully regulatory compliant OTF – Organised Trading Facility under MIFID – and is technically and operationally identical to an RIE – Regulated Investment Exchange, or MTF – Multilateral Trading Facility.

The Autilla system conforms to the requested proposal in that it is not only fully operational and tested, but it is “electronic, auction – based and auditable”. The Autilla platform not only incorporates some elements of the existing price discovery process, but also provides greater transparency, increased participants and greater efficiency in arriving at a trade derived benchmark price. Speaking of the development work, Michael Greenacre the CEO of Autilla Ltd said “we have a bespoke, working solution for the current fixing ; it has been evaluated and rigorously tested by industry experts and demonstrated in the wholesale market with very positive feedback. Presently most other riv al products are still on the drawing board while we have a working model here for the market to scrutinise.”

“Our design fully takes into consideration that IOSCO principles are to represent the economic realities, which result in a reliable representation and eliminate factors that might result in a distortion of the price. Therefore we have not considered futures, ETF’s, EFP’s, phone canvassing or messaging. We have remained with the tried and tested principle of a volume match at a price of the underlying asset class, coupled with world class transparent technology and expertise.” Autilla is in discussion with potential JV partners who would provide governance and administration.

Speaking of the new London Daily Silver Price platform Michael Greenacre added “we look forward to the opportunity of working with the LBMA by providing a solution that leverages their ongoing central role in the global metals markets with our competence in providing electronic technical solutions.”

Autilla is a FCA regulated company that has been established to provide a new electronic price discovery and transaction platform with a compliant and regulatory infrastructure. As such it is a start-up drawing on over 100 years of combined expertise from within the bullion market. Our team of bullion market makers, traders and brokers has gained experience at Commerzbank, Mitsui, Mocatta, NM Rothschild, Societe General, UBS, ICAP & GFI.