LBMA Silver Price FAQs

The auction takes place at 12 noon (UK time) each working day.

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.

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.

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.

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=.

Refinitiv distribute the LBMA Silver Price in real-time through a market data system called Eikon. 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.

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.

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.

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

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.

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

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

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”).

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