The document summarizes recent changes to the administrative and governance arrangements relating to several London Bullion Market Association (LBMA) precious metal prices: 1) The LBMA Gold Price was launched in March 2015 and is now operated by ICE Benchmark Administration through an electronic auction platform. 2) In August 2014, the historic LBMA Silver Price replaced the Silver Fix and is now set through an electronic auction platform administered by CME Group and Thomson Reuters. 3) As of December 2014, the new LBMA Platinum and Palladium Prices replaced the PGM Fixes and are independently administered by the London Metal Exchange.

1. http://www.lbma.org.uk/lbma-prices-summary
The London Bullion Market Association
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LBMA Precious Metal Prices - Summary
There have been a number of changes in recent months to the
administrative and governance arrangements relating to the LBMA
prices for Gold, Silver, Platinum, Palladium and GOFO. These changes
and developments are summarised below.
LBMA Gold Price
The new LBMA Gold Price was launched on 20 March 2015. The price continues to be set twice daily (at 10:30 and 15:00
London GMT). Market participants will need to reflect the change in name (LBMA Gold Price) in their own contracts and
agreements as well as those with clients and counterparties.
The new LBMA Gold Price is operated and administered by an independent third party provider, ICE Benchmark
Administration (IBA), who were selected following consultation with market participants. This consensus was reached
during the LBMA's market consultation, which involved two market surveys, a seminar and meetings with market
participants, solution providers and the regulator. IBA, an independent specialist benchmark administrator, provide the price
platform, methodology as well as the overall administration and governance for the LBMA Gold Price. The IBA platform is
electronic, auction-based, tradeable, auditable and fully IOSCO-compliant solution for the London bullion marketplace.
Please refer to the LBMA Gold Price section for further information together with a set of Frequently Asked Questions.
LBMA Silver Price
On 15th August 2014 the historic Silver Fix which had been in existence since 1897 was replaced by the LBMA Silver Price.
The London Silver Fixing Company Limited was wound down from this date and the administrative responsibility for the
silver price was transferred to CME Group and Thomson Reuters. CME Group provide the electronic auction platform on
which the price is calculated and Thomson Reuters are responsible for administration and governance of the LBMA Silver

2. price. The LBMA are responsible for accrediting price participants and also own the intellectual property rights. The price
continues to be set each business day at 12:00 (London time) and published on the LBMA's website with a 15 minute delay
(see Useful Links section opposite).
This new process for establishing the new LBMA Silver Price will maintain continuity with the earlier silver fixing process
for market participants while also increasing transparency via an electronic platform for the auction. It continues to be
London-based and offers a fully IOSCO-compliant solution to the London bullion marketplace. The earlier benchmarking
process has been followed in order to minimize any possible disruptions and enable a seamless transition for the market.
Participants with a Reuters terminal can view the live auction by quoting the RIC 0#LDNXAG. Further details on licensing
arrangements for The LBMA Silver Price are available on Thomson Reuters website
Six price participants have been accredited to contribute to the LBMA Silver Price: HSBC Bank USA NA, JPMorgan Chase
Bank, Mitsui & Co Precious Metals Inc, The Bank of Nova Scotia - ScotiaMocatta, The Toronto Dominion Bank and UBS
AG. The LBMA fully expects the list of price participants will grow over the coming months as more participants meet the
formal accreditation requirements. Market Participants interested in contributing to the Silver Price are invited to email the
LBMA at Ag.Consult@lbma.org.uk.
For more information including detailed Q&A LBMA Silver Price.
LBMA Platinum and Palladium Prices
As of 1st December, 2014 the new LBMA Platinum & Palladium Prices are being independently administered by the London
Metal Exchange (LME). These new benchmarks replace the PGM Fixes, historically administrated by the London Platinum
and Palladium Fixing Company Limited (LPPFCL). This followed an approach from the LPPFCL to the LBMA to take
ownership of the historic and future intellectual property (primarily price data) of what will now be called The LBMA
Platinum Price and the LBMA Palladium Price. The prices continue to be set twice daily at 09:45 and 14:00 (London GMT)
in US dollars, £ and Euro.
Five price participants have been accredited to contribute to both prices; BASF Metals Ltd, Goldman Sachs International,
HSBC Bank USA NA, Johnson Matthey plc and Standard Bank plc.
The intellectual property will be held by 'Precious Metals Prices Limited', a newly established subsidiary company of the
LBMA. For information on licensing arrangements relating to the prices, including list of data vendors, please refer to
the LME's website.
Gold Forward Offered Rates (GOFO)
The Gold Forward Offered Rate (GOFO) dataset was discontinued with effect from the 30 January, 2015 and will no longer
be published by the LBMA after this date.