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.
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:
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.
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.
CME Benchmark Europe Limited
CME Group Metals
Direct Participants must be an accredited member of the LBMA. The current direct participants are:
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:|
|Courtney Lynn||Coeur Mining|
|Gavin Lee||CME Group|
|Martyn Smith||The Royal Mint|
|Simon Weeks||Scotia Bank|
|Julian Day||Thomson Reuters|
|David Clark||Independent Non-Executive Director|