The LBMA Silver Price

The LBMA Silver Price is the daily reference rate for the price of silver. It is calculated and administered by CME Benchmark Europe Ltd and Thomson Reuters Benchmark Services Ltd.

Update - Market Consultation Changes to LBMA Silver Price Auction Platform

CME Group and Thomson Reuters confirm the successful implementation of the proposed changes to the LBMA Silver Price auction platform following the completion of the market consultation. These changes have now become part of the Participant Rule Book and Platform Calculation Methodology.

To recap, these new measures are:

  • Introduction of a blind auction: Only prices will be visible during each round. Once an auction round has ended, aggregate buy and sell volumes will be publicly available.
  • Sharing the imbalance in the auction: As an equilibrium auction, settlement occurs when, at the end of a round, the total of buy and sell orders are within a predefined imbalance tolerance. This imbalance (where applicable) will be shared equally among all registered participants of the auction, even if a participant has not placed an order in the auction for that day.
  • Increasing the predefined threshold: In exceptional circumstances, the imbalance can be increased up to an approved maximum threshold to achieve equilibrium, balance the auction and therefore maintain the integrity of the benchmark.


The LBMA Silver Price is determined through a daily auction, conducted in 30 second rounds. The LBMA Silver Price is established when there is equilibrium between buy and sell orders. The auction takes place each London business day at noon.

Technology Platform

The auction is accessed through CME Direct. An electronic auction platform providing real time order management, order history, confirmations and a full audit trail. The online platform is designed to segregate functions between house and client with specific access for compliance and trade supervision.

Auction Overview

  • At the start of each auction round, an algorithm determines the price that is displayed on the auction platform
  • During each round, market participants submit buy or sell quantities in Lakhs
  • At the end of each round, buy and sell orders are compared to determine equilibrium. Once achieved, the auction will close and the LBMA Silver Price is published
  • Equilibrium is reached when the difference between buy and sell orders are within a pre-defined tolerance
  • Orders are automatically netted and matched to produce trades confirmations


Direct Participants must be an accredited member of the LBMA. The current direct participants are:

  • China Construction Bank
  • HSBC Bank USA NA
  • JP Morgan Chase Bank
  • Morgan Stanley & Co. International plc
  • The Bank of Nova Scotia - ScotiaMocatta
  • The Toronto-Dominion Bank
  • UBS AG

To request information on becoming a direct participant in the LBMA Silver Price

Click Here

Governance and Oversight

The independent Oversight Committee is responsible for overseeing the scope of the LBMA Silver Price by developing a code of conduct for the participants and regularly reviewing the practice, standards and definition of the benchmark to ensure it remains relevant and retains its integrity.

Oversight Committee Members:
Neil Stocks Chairman
Courtney Lynn Coeur Mining
Bernhard Fuchs Umicore
Gavin Lee CME Group
Martyn Smith The Royal Mint
Simon Weeks Scotia Bank
Sakhila Mirza LBMA
Julian Day Thomson Reuters
David Clark Independent Non-Executive Director