Member Update - 2nd February 2016

LBMA SILVER PRICE

As the formal representative body of the London bullion market, the LBMA has been contacted by a number of Association Members who are expressing concern about the issues arising from the setting of the LBMA Silver Price on Thursday 28th January. The LBMA is in regular communication with the Silver Price administrator, Thomson Reuters, and CME Group who provide the electronic platform, to express Members' views and concerns and to support the ongoing review being undertaken by Thomson Reuters.They are also actively working with its Oversight Committee to resolve any issues.

The LBMA Silver Price and Thomson Reuters and CME Group are regulated by the Financial Conduct Authority for the purposes of the silver benchmark. For further information, please contact Thomson Reuters & CME Group, using the contact details listed below.

Background
CME Group provides the electronic auction platform on which the price is determined and Thomson Reuters, as the LBMA Silver Price benchmark administrator, is responsible for administration and governance. The LBMA Silver Price is an IOSCO-compliant benchmark which replaced the 117 year old London Silver Fixing.  The London Silver Fixing ceased operation in August 2014, following a notice period of three months.

Contacts:
Administration & Governance including Oversight Committee: Thomson Reuters website or contact julian.day@thomsonreuters.com.
Calculation Agent: gavin.lee@cmegroup.com of CME Group website.

Further information about LBMA Silver Price including a set of FAQs is available on the LBMA’s website.

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For further information please contact Ruth Crowell, Chief Executive, on
Tel: +44 (0)20 7796 3067 or ruth.crowell@lbma.org.uk.

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About the London Bullion Market Association
The LBMA is the international trade association that represents the wholesale over-the-counter market for gold and silver bullion. The LBMA undertakes many activities on behalf of its members and the wider market, including the setting of good delivery and refining standards, the organisation of conferences and other events, and serving as a point of contact for the regulatory authorities. For more information, please visit www.lbma.org.uk.