The new system, called the London Silver Price is an electronic auction that will take place at midday London time on a trading platform provided by exchange CME Group and jointly administered by Thomson Reuters.
The London Bullion Market Association, which headed up the project of setting up a new electronic system said HSBC, Mitsui & Co Precious Metals and the Bank of Nova Scotia have registered for the new London Silver Price system. The group said more institutions would follow suit once legal and compliance issues were worked out.
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Norman said just hours ahead of the first electronic fix, he did not know who to call to put trades through.
"We are told we will know the participants, the routes through which we can put our silver trades between now and midday, but it remains to be known who exactly that will be. So we will almost certainly have a valid silver price today, but we don't know how it's going to happen," he told CNBC.
—By CNBC's Jenny Cosgrave: Follow her on Twitter @jenny_cosgrave