The LBMA Silver Price is the global benchmark price for unallocated silver delivered in London, administered by ICE Benchmark Administration® Limited (IBA).
IBA operates electronic auctions for spot, unallocated loco London silver, providing a market-based platform for buyers and sellers to trade. The auctions are run at 12:00 London time. The final auction price is published to the market as the LBMA Silver Price benchmark. The price formation for each auction is in US Dollars. IBA also publishes the benchmarks in British Pounds and Euros, but they are not tradeable directly through the auction
Producers, refiners, the investment community, banks and central banks, fabricators, jewelers and other consumers as well as market participants from around the globe, transact during the IBA Silver Auctions and use the benchmarks as reference prices.
The ability to transact and reference a single transparent price, produced by an independent regulated benchmark administrator provides significant benefits to the market.
The LBMA Silver Price facilitates spot, monthly averaging, cash-settlement, location swaps, fixed for floating swaps, options and other derivative transactions important to price risk management.
ICE Benchmark Administration (IBA) provides transparent, fair and sustainable access to its benchmarks and other information and data for all users. IBA licenses the use or redistribution of the benchmarks and other information and data on a commercial and reasonable basis, to help set standards of fairness and transparency in benchmark and other information and data distribution and licensing.
IBA benchmark data is available on a real-time, intraday or delayed basis through redistribution partners and directly from IBA. For LBMA Gold Price and LBMA Silver Price, intraday data is available 4 hours after original publication time and delayed data is available at midnight London time.
Specifications
Key Features
- Electronic Auction Process: Utilizes a transparent, electronic auction mechanism to determine the benchmark price, enhancing market confidence.
- Physical Settlement: Ensures that transactions are settled with physical delivery of silver, aligning the benchmark with actual market practices.
- Broad Market Participation: Includes a diverse range of participants, such as banks, traders, and refiners, contributing to a representative price discovery process.
- Regulatory Compliance: : ICE Benchmark Administration Limited is authorised and regulated by the Financial Conduct Authority for the regulated activity of administering a benchmark.
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