This Friday sees Thomson Reuters and CME roll-out of their new fixing engine and market participants are understandably clueless about how it works less than three days before it goes live. With the traditional fixing members have stepping away, it remains a mystery who will be taking the fix orders - with a deafening silence from market participants.

If you would like to follow the fixing process then you simply need to purchase a subscription to the Reuters Eikon system adds Reuters winningly ... hmmm.

Asked to describe the system one dealer said rather prosaically "we were advised we would be getting a workable solution, well using a pitchfork to wipe my backside might be described as a workable solution but its hardly elegant or efficient - like this platform". Meanwhile one is left to ponder whether this has done anything to address the requirement for efficiency and transparency.