IBA are the independent administrators of the LBMA Silver Price.

IBA provide the electronic auction platform on which the price is calculated and are also responsible for the administration and governance of the LBMA Silver price. The LBMA own the intellectual property rights.


Governance and Oversight

IBA is responsible for the governance and oversight of the LBMA Silver Price. It is regulated by the Financial Conduct Authority for its role as the benchmark administrator. The LBMA Silver Price Oversight Committee reviews and maintains the definition, setting, scope and methodology of the benchmark. Further information on these issues can be found on IBA's website here.

Accredited Price Participants

Nine price participants have been accredited to contribute to the LBMA Silver Price: Goldmans Sachs International plc, HSBC Bank USA NA, INTL FC Stone, Jane Street Global Trading LLC, JP Morgan Chase Bank N.A London Branch, Koch Supply and Trading LP, Morgan Stanley, The Bank of Nova Scotia - ScotiaMocatta and The Toronto Dominion Bank. The number of price participants will grow over the coming months as more participants meet the formal accreditation requirements.

Frequently asked questions:

  • What time does the auction for the LBMA Silver Price take place?

    The auction takes place at 12 noon BST each working day.

  • Is the LBMA Silver Price compliant with IOSCO principles?

    Yes, all participants taking part in the auction process were required to satisfy the principles set out in the International Organisation of Securities Commissions (IOSCO) for Financial Benchmarks.

  • On what basis is the LBMA Silver Price set?

    It is an electronic auction based solution which is based on transactions and is auditable. The LBMA Silver Price is set in US dollars per troy ounce in a series of auction rounds, each lasting 30 seconds. The auction begins at 12:00 and participants are required to input their buy volume and sell volume orders in lakhs (100,000 ounces) or quarter lakhs (25,000 ounces). The initial price at the start of the process is likely to be close to the spot price. In the first round the system algorithm will attempt to match buy and sell orders within the permitted tolerance level (3 lakhs). If the buy and sell orders are out of tolerance, the auction price will change and the auction will restart until the buy and sell volumes are in tolerance and the equilibrium price is set.

  • Will there may be more participants accredited?

    Yes, we fully expect more participants to contribute to the LBMA Silver price. IBA are committed to extending the number of participants who participate in the auction. Market partipants interested in contributing to the LBMA Silver Price are invited to contact IBA here.

  • What format is the price be set in?

    The price is tradeable and expressed in U.S. Dollars per troy ounce and can be accessed on Reuters using the code LDNXAGUSD=. Sterling and Euro prices are available but these are indicative prices for settlement only, and can be viewed by quoting LDNXAGGBP= and LDNXAGEUR=.

  • How do market participants receive the LBMA Silver Price?

    Thomson Reuters distribute the LBMA Silver Price in real-time through market data systems (Eikon and Elektron). Further details are available on their website here. They also provide access to the data through re-distribution via third party data vendors such as Bloomberg and Fastmarkets. The LBMA will publish the price shortly after 12:00pm once the price is set.

  • Is the LBMA Silver Price still available on the same RICs page on Reuters?

    No, the LBMA Silver Price in US $ is displayed on a new RICs page called LDNXAG=. Sterling and Euro prices are available but they are indicative prices for settlement only and can be viewed by quoting LDNXAGGBP= and LDNXAGEUR= respectively.

  • Is the LBMA Silver Price available on Bloomberg?

    Yes, the auction can be viewed on their page SLVR. The main page is {MTL<GO>} and the relevant tickers to be referenced are: SLVRLND - US $; SLVRLN - US cents; SLVRLNBP - £ and SLVRLNEU - Euro cents.

  • Is the the new LBMA Silver Price settled against loco London silver?

    Yes, the physical settlement for the LBMA Silver Price remains Loco London Silver as it has been historically.

  • How can I execute orders in the new Silver Price mechanism?

    Please contact your bank or broker to make sure they are participating in the new London Silver Price. Provided your bank or broker is participating, you can continue to execute your orders through them via voice, email, fax etc. and continue to trade the same way you currently do with the existing Silver Fixing price. If your bank or broker is not participating in the new LBMA Silver Price please encourage them to sign up.

  • And how will this affect trading ISDA derivatives?

    ISDA has confirmed that the LBMA Silver Price will replace the existing London Silver Fixing. Please contact ISDA directly for more information.

  • How do I receive a licence for the LBMA Silver Price?

    Market participants requiring a license for market data should contact IBA.

  • LBMA Silver Price Disclaimer

    LBMA Silver Price (“Benchmark”) is owned by The London Bullion Market Association (“LBMA”), calculated by CME Benchmark Europe Ltd. (“CMEBEL”) and administered by Thomson Reuters Benchmark Services Ltd. (“TRBSL”).

    NONE OF LBMA, CMEBEL, TRBSL, THEIR GROUP COMPANIES, NOR ANY OF THEIR OR THEIR GROUP COMPANIES’ RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS ( COLLECTIVELY THE “DISCLAIMING PARTIES”) SHALL BE LIABLE IN RESPECT OF THE ACCURACY OR THE COMPLETENESS OF THE BENCHMARK OR THE MARKET DATA RELATED THERETO (“MARKET DATA”) AND NONE OF THE DISCLAIMING PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, DELAYS OR INTERRUPTIONS IN PROVIDING THE BENCHMARK OR MARKET DATA. NO DISCLAIMING PARTY MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY USE OF THE BENCHMARK OR MARKET DATA. THE BENCHMARK AND MARKET DATA IS PROVIDED “AS IS” AND NO DISCLAIMING PARTY MAKES ANY EXPRESS OR IMPLIED WARRANTIES, CONDITIONS, GUARANTEES OR REPRESENTATIONS, WITH RESPECT TO THE BENCHMARK OR THE MARKET DATA AND THE DISCLAIMING PARTIES EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, SATISFACTORY QUALITY OR NON-INFRINGEMENT WITH RESPECT TO THE BENCHMARK OR MARKET DATA OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY DISCLAIMING PARTY HAVE ANY LIABILITY FOR ANY LOSS OF PROFIT, LOSS OF OR ANTICIPATED LOSS OF REVENUE, LOSS OF USE, BUSINESS INTERRUPTION, LOSS OF USE OF ANY EQUIPMENT, LOSS OF ANY CONTRACT OR OTHER BUSINESS OPPORTUNITY OR GOODWILL OR INDIRECT, PUNITIVE, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH LOSS OR WHETHER SUCH LOSS OTHERWISE WOULD HAVE BEEN FORESEEN.

    THIS LIMITATION OF LIABILITY SHALL NOT EXCLUDE OR RESTRICT THE LIABILITY OF THE DISCLAIMING PARTIES OR ANY OTHER PERSON: (A) IN RESPECT OF THE FRAUD, BAD FAITH, WILFUL DEFAULT OR GROSS NEGLIGENCE OF THE APPLICABLE DISCLAIMING PARTY; (B) IN RESPECT OF PERSONAL INJURY OR DEATH RESULTING FROM NEGLIGENCE; OR (C) OTHERWISE TO THE EXTENT IT CANNOT BE EXCLUDED OR RESTRICTED IN ACCORDANCE WITH APPLICABLE LAW.

    THE EXCLUSIONS AND LIMITATIONS OF LIABILITY CONTAINED HEREIN SHALL APPLY WHETHER: (A) A CLAIM ARISES IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, BREACH OF STATUTORY DUTY, CONTRIBUTION OR OTHERWISE; OR (B) A CLAIM IS BROUGHT DIRECTLY OR AS A THIRD PARTY CLAIM.

    No Advice. The Benchmark and Market Data are provided for general information purposes only and provision of the Benchmark and Market Data does not constitute legal, financial or other professional advice. No Disclaiming Party shall be responsible for any costs or damages resulting from your use or reliance of the Benchmark or Market Data, (or anybody accessing the Benchmark or Market Data via you), including but not limited to decisions relating to the sale and purchase of instruments or legal, compliance and/or risk management decisions. You agree that you access the content at your own risk in these respects.

Market participants requiring a license for market data should contact their IBA representative.