Silver price administration & governance

LBMA Silver Price

The new electronic algorithm-based system for calculating silver prices, provided by Thomson Reuters and CME Group, and designed to be more transparent and accountable.

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An employee holds silver granular pieces at the PT Antam Tbk. precious metal refinery in Jakarta January 15, 2009.


The LBMA Silver Price is the global reference rate for the price of silver, set by electronic auction, provided for LBMA by Thomson Reuters and the CME Group.

Each auction opens at 12 noon London time with a start-price and lasts 30 seconds. The auction rounds continue until equilibrium between buy and sell orders is reached, at which the LBMA Silver Price is established.

Thomson Reuters distributes both the silver price and auction round data over the Eikon desktop and the Elektron platform. The data is also available on Datascope select and is made available for redistribution by third-party vendors.

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.

  • 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
  • The Bank of Nova Scotia - ScotiaMocatta
  • The Toronto-Dominion Bank
  • UBS AG

Governance and oversight

The LBMA Silver Price oversight committee reviews and maintains the definition, setting, scope and methodology of the LBMA Silver Price benchmark.

The current members of the committee are as follows:

  • Neil Stocks – Independent chairman
  • Gavin Lee – CME
  • Courtney Lynn – Coeur
  • Sakhila Mirza – LBMA
  • Julian Day – Thomson Reuters
  • Martyn Smith – The Royal Mint
  • Bernhard Fuchs – Umicore
  • Simon Weeks – Scotiabank

Markets and industries


Get LBMA Silver Price and auction rounds data over the Eikon desktop and Elektron platform, and in DataScope as an end-of-day value.

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LBMA Silver Price

The new system for silver prices

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