(Bloomberg) -- ETF Securities Ltd., an exchange- traded-products provider with about $19 billion of assets, proposed an alternative to the century-old London silver fixing benchmark process that’s set to end in August.

The proposal made to the London Bullion Market Association would use a five-minute auction process that occurs on the London Stock Exchange and based on ETF Securities’ silver-backed fund that trades on the bourse, said Graham Tuckwell, chairman and founder of the Jersey-based company. The company is talking to the LSE about moving the auction capability from 4:30 p.m. to noon, when the present silver fixing process is held, he said.

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