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Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that ICE Benchmark Administration (IBA) expects to start administering the London Bullion Market Association (LBMA) Silver Price benchmark and operate the underlying auction from 2 October 2017.
Participants who will join the auction from the first day include HSBC Bank USA NA, INTL FC Stone, Jane Street Global Trading LLC, J.P. Morgan, Morgan Stanley, The Bank of Nova Scotia, and Toronto-Dominion Bank.
On 5 September 2017, ICE Futures U.S. introduced a Silver Daily Futures contract to facilitate central clearing for the LBMA Silver Price Auction upon launch. The contract offers physical delivery of unallocated loco London silver.
On 4 September 2017, ICE Clear US became the first LBMA Exchange Affiliate Member supporting the London bullion market.
IBA also administers the LBMA Gold Price which it took over in March 2015 and successfully transitioned from a conference call based methodology to the independently administered, transparent and electronic auction process that now underlies the benchmark. IBA runs daily surveillance on the auction activity and also runs a quarterly Oversight Committee with broad representation from the market. The auction runs on ICE’s trading platform, which provides straight through processing (STP) for many firms and a full audit trail for compliance departments.
