LBMA Silver Price Frequently Asked questions

REUTERS/Beawiharta

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BACkGround

Effective 15th August 2014, the London Silver Market Fixing Ltd will cease administration of the London Silver Fix published on <XAGFIX=> and its related contributed pages and RICs. Following the announcement of this development, the LBMA <LBMA01> launched a market consultation and Request for Proposal which has resulted in the creation of a new pricing mechanism for the LBMA Silver Price. The new LBMA Silver Price mechanism will be operated by Thomson Reuters <TRI.TO> and the CME Group <CME.O>, in partnership with the LBMA.

Thomson Reuters will be responsible for the administration and governance of the benchmark. The CME Group will provide the electronic auction platform on which the price will be calculated. The LBMA will be responsible for the accreditation process for price participants and will own the intellectual property rights for the LBMA Silver Price.

The London Silver Market fix has been a global benchmark for 117 years. This new process for establishing the new LBMA Silver Price will maintain continuity with the existing silver fixing process for market participants while also increasing transparency and the number of market participants via an electronic platform for the auction. It will continue to be London-based and will offer a fully IOSCO-compliant solution to the London bullion marketplace. Our intention is to follow the current benchmarking process in order to minimize any possible disruptions and enable a seamless transition for the market.

WhAt’s GoinG to hAppen

Effective 15th August:1. The following RICs will cease to update:

• <0#XAGFIX=> • <XAGFIXUSD=> • <XAGFIXAUD=> • <XAGFIX=MANL> • <XAGFIXGBP=MANL> • <XAGFIXEUR=MANL> • <XAGGBPFIXPM=HSBL> • <XAGEURFIXPM=HSBL> • <XAGEURFIXAM=HSBL> • <XAGFIXAM=HSBL> • <XAGFIXPM=HSBL> • <XAGGBPFIXAM=HSBL> • <XAGUSCMAVG=> • <XAGGBPMAVG=> • <XAGEURMAVG=> • <0#XAGFIX-MAVG> • <XAG-SPOT-FIX> • <XAGFIX=/A> • <XAGFIX1=> • <PREC>

2. TheexistingRIC<XAGFIX=>willautomaticallydirectclientstoviewTheLBMASilverPricedisplay<LDNXAG=>onAugust15thbetween10:30amand11amLondontime.ThesamewillhappenfortheexistingSilverFixRICsinGBPandEUR<XAGFIXGBP=>and<XAGFIXEUR=>.OnAugust15thbetween10:30amand11amLondon time these existing RICs will also automatically redirect clients to the new indicative LBMA Silver Price RICs in GBP and EUR.ThenewRICsare<LDNXAGGBP=>and<LDNXAGEUR=>.

3. ThenewLBMASilverPricecanbefoundon<LDNXAG=>

4. Theexistingcompositedisplay<PFIX>forpreciousmetalsspotandfixeswillcontainthenewLBMASilverPriceafter00:05amon15thAugust.

5. Visibilityofaggregatedbidandoffervolumesateachauctionpricecanbefoundonchain<0#LDNXAG=>

6. Theinformationpage<LDNXAG/INFO>willprovideanexplanation of the auction process as well as listing all LBMA Silver Price RICs and chains.

neW riCsEffective12:05amLondontimeon6thofAugustthenewRICstructureforUSDpriceandauctionRICswillbeavailabletoclients.CurrencyconvertedRICswillbeavailablefrom00:05amon7thAugust.Please note that there may be some real time and intraday/end of day test data which appears on these new RICs which should be disregarded until 12:05am on 15th August when all new RICs will be cleared down ready for the launch date on 15th August.

Please note the new AUD converted RIC <LDNXAGAUD=> will be removed by close of business 7th August following feedback from market participants. The existing AUD converted RIC <XAGFIXAUD=> will continue to update until effective 15th August when it will be removed.

hoW Will the lBMA silver priCe Be set?TheLBMASilverPricewillbesetbyauctionroundswitheachroundlasting30seconds.Membersthatwillpartakeineachroundoftheauctionwillinputtheirbuyvolumeandsellvolume(either/orboth)atthestartauctionprice.Ifthebuyandsellvolumesareoutoftolerance, the auction price will change and the auction will restart until the buy and sell volumes are in tolerance, and the price is set. Each time the auction restarts, it clears the order book entirely and any orders must be re-entered.

Tolerancelevel–3Lakhs(1Lakh=100,000inthisinstance100,000oz).

TheauctionwillstartatmiddayLondontime,eachauctionroundlasting30secondsandwilltakeasmanyauctionroundsas necessary to determine The LBMA Silver Price.

Datawillbeavailablefreeofchargeinitiallyandavailableviaothervendors.

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WhAt’s GoinG to hAppen

Effective 15th August:1. The following RICs will cease to update:

• <0#XAGFIX=> • <XAGFIXUSD=> • <XAGFIXAUD=> • <XAGFIX=MANL> • <XAGFIXGBP=MANL> • <XAGFIXEUR=MANL> • <XAGGBPFIXPM=HSBL> • <XAGEURFIXPM=HSBL> • <XAGEURFIXAM=HSBL> • <XAGFIXAM=HSBL> • <XAGFIXPM=HSBL> • <XAGGBPFIXAM=HSBL> • <XAGUSCMAVG=> • <XAGGBPMAVG=> • <XAGEURMAVG=> • <0#XAGFIX-MAVG> • <XAG-SPOT-FIX> • <XAGFIX=/A> • <XAGFIX1=> • <PREC>

2. TheexistingRIC<XAGFIX=>willautomaticallydirectclientstoviewTheLBMASilverPricedisplay<LDNXAG=>onAugust15thbetween10:30amand11amLondontime.ThesamewillhappenfortheexistingSilverFixRICsinGBPandEUR<XAGFIXGBP=>and<XAGFIXEUR=>.OnAugust15thbetween10:30amand11amLondon time these existing RICs will also automatically redirect clients to the new indicative LBMA Silver Price RICs in GBP and EUR.ThenewRICsare<LDNXAGGBP=>and<LDNXAGEUR=>.

3. ThenewLBMASilverPricecanbefoundon<LDNXAG=>

4. Theexistingcompositedisplay<PFIX>forpreciousmetalsspotandfixeswillcontainthenewLBMASilverPriceafter00:05amon15thAugust.

5. Visibilityofaggregatedbidandoffervolumesateachauctionpricecanbefoundonchain<0#LDNXAG=>

6. Theinformationpage<LDNXAG/INFO>willprovideanexplanation of the auction process as well as listing all LBMA Silver Price RICs and chains.

neW riCsEffective12:05amLondontimeon6thofAugustthenewRICstructureforUSDpriceandauctionRICswillbeavailabletoclients.CurrencyconvertedRICswillbeavailablefrom00:05amon7thAugust.Please note that there may be some real time and intraday/end of day test data which appears on these new RICs which should be disregarded until 12:05am on 15th August when all new RICs will be cleared down ready for the launch date on 15th August.

Please note the new AUD converted RIC <LDNXAGAUD=> will be removed by close of business 7th August following feedback from market participants. The existing AUD converted RIC <XAGFIXAUD=> will continue to update until effective 15th August when it will be removed.

Please note the new EUR and GBP currency indicative RICs <LDNXAGEUR=> and <LDNXAGGBP=> will be available to clients on 15th August.

Please be aware that labeling for the main LBMA Silver Price RIC <LDNXAG=> is incorrect for the following FIDs – HIST_CLOSE 21 and HSTCLSDATE 79. The FID names and numbers remain correct, labeling on the display template will be corrected on 25th August.

Please also be aware that for the main LBMA Silver Price RIC and the individual auction round RICs the Display Template may not be available prior to the launch date. Clients wishing to view the Display Template should follow these steps:

1. Click on “Menu” in the top right corner of the Quote Object

2. Select “Template > Choose Template”

3. Search for “cme_precm_chn_nt.qte” for use with <LDNXAG=> and “cme_precm_auct_nt.qte” for use with individual auction round RICs such as <LDNXAGAUC1>

4. Once the appropriate Template is selected click OK.

The new RICs are as follows:

• <0#LDNXAG>isthemainchainRICdisplaythefinalLBMASilverPrice and auction rounds

• <LDNXAG=>isthefinalLBMASilverPriceRIC

• <LDNXAGAUC1>–<LDNXAGAUC250>aretheauctionroundRICs

• <LDNXAGGBP=>–LBMASilverPriceindicativeGBPprice

• <LDNXAGEUR=>–LBMASilverPriceindicativeEURprice

• <0#LDNXAGFX>–ChaincontainingtheLBMASilverPriceindicative currency RICs

TheauctionRICswillbechainedto<0#LDNXAG>• <0#LDNXAG>• <LDNXAG=>• <LDNXAGAUC1>• <LDNXAGAUC2>• <LDNXAGAUC3>• <LDNXAGAUC4>• <LDNXAGAUC5>• <LDNXAGAUC6>• <LDNXAGAUC7>• <LDNXAGAUC8>• <LDNXAGAUC9>• <LDNXAGAUC10>• <LDNXAGAUC11>• <LDNXAGAUC12>• <LDNXAGAUC13>• <LDNXAGAUC14>• <LDNXAGAUC15>• <LDNXAGAUC16>• LDNXAGAUCthisRICwillcontinueuntil• <LDNXAGAUC250>(auctionround250)• <LDNXAG/INFO>

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key neW Fids

Auction & price RICs:

Fid nuMBer Fid nAMe Fid desCription riC round

3 DSPLy_NAME Abbreviated name for the instrument LDNXAG=andLDNXAGAUCn

All Rounds

6 TRDPRC_1 Finalfixingprice LDNXAG= Final

11 NETCHNG_1 Differencebetweenthelastesttradingpriceorvalueandtheadjusted historical closing value or settlement price.

LDNXAG= Final

15 CURRENCy quotedcurrencyoftheinstrument LDNXAG=andLDNXAGAUCn

21 HST_CLOSE Historicalunadjustedcloseorsettlementprice. LDNXAG= Final

53 TRD_UNITS Price units of the instrument LDNXAG=andLDNXAGAUCn

All Rounds

54 LOTSZUNITS Lot size units LDNXAG=andLDNXAGAUCn

All Rounds

56 PCTCHNG Percentage change of the latest trade price or value from the adjusted historical close.

LDNXAG= Final

1447 AUCTN_DATE DateofAuction LDNXAG=andLDNXAGAUCn

All Rounds

3576 AuctionPRC Price at end of Auction LDNXAGAUCn Auction Rounds

4406 TOT_ASkVOL aggregated Auction Ask volume LDNXAGAUCn Auction Rounds

4407 TOT_BIDVOL aggregated Auction Bid volume LDNXAGAUCn Auction Rounds

6692 Mk_PHA_STM Time the Auction round starts LDNXAG=andLDNXAGAUCn

All Rounds

6693 Mk_PHA_ETM Time the Auction round ends LDNXAG=andLDNXAGAUCn

All Rounds

Theremaybesome“valueadd”fieldssuchasyearHighandyearLowwhichwillnotbeavailableonthelaunchdate. These will be added as part of a Phase 2 project.

Currency Conversion FIDs:

Fid nuMBer Fid nAMe Fid desCription riC

3 DSPLy_NAME Abbreviated name for the instrument LDNXAGEUR= LDNXAGGBP= LDNXAGAUD=

6 TRDPRC_1 Finalfixingpriceconvertedintocurrency All3currencyRICsabove

15 CURRENCy quotedcurrencyoftheinstrument All3currencyRICsabove

21 HST_CLOSE Historicalunadjustedcloseorsettlementprice. All3currencyRICsabove

53 TRD_UNITS Price units of the instrument All3currencyRICsabove

54 LOTSZUNITS Lot size units All3currencyRICsabove

79 HSTCLSEDATE Historicalunadjustedcloseorsettlementpricedate All3currencyRICsabove

275 SEC_ACT_1 Differencebetweenthelastesttradingpriceorvalueandtheadjustedhistoricalclosing value or settlement price.

All3currencyRICsabove

393 PRIMACT_1 Finalfixingpriceconvertedintocurrency All3currencyRICsabove

875 VALUE_DT1 ValueDate All3currencyRICsabove

997 GENVAL_2 FXrateusedforcurrencyconversion All3currencyRICsabove

1001 GV2_TEXT FXratetextfield All3currencyRICsabove

1010 VALUE_TS1 TimetheAuctionroundends/TimeofCurrencyConversion All3currencyRICsabove

FAq’s

When does the new LBMA Silver Price come into effect?15thAugust2014.

Will the new RICs be available prior to the launch date? TheexistingLondonSilverFixprocessisstillinplaceuntilcloseofbusinesson14thAugust.

NewRICswillbeavailabletoThomsonReutersEikonclientstousepriortothelaunchdatefrom12:05amLondontimeon6thAugust.CurrencyconvertedRICswillbeavailablefrom00:05amon7thAugust.PleasenotethattheremaybesometestdatawhichappearsonthesenewRICswhichshouldbedisregardeduntil12:05amon15thAugustwhenallnewRICswillbecleareddownreadyforthelaunchdateon15thAugust.

ClientsusingtheexistingRIC<XAGFIX=>willbeautomaticallyredirectedtothenewRIC<LDNXAG>between10:30amand11amLondontimeon15thAugust.Thisredirectionwillremaininplaceuntil17thOctober2014.After this point clients should update all displays and spreadsheets with the new RICs.

Why is there no AUD converted LBMA Silver Price?Noexactreplacementwillexistatthefeedbackofmarketparticipants.

How are the LBMA Silver Price indicative currency RICs for GBP or EUR calculated?ThenewindicativeEURandGBPcurrencyRICsare<LDNXAGEUR=>and<LDNXAGGBP=>.Currencysnapandprice conversion will be  triggered when The LBMA Silver Price is set at the end of the last auction round. The time will vary each day depending on how many auction rounds it takes to arrive at the final price as per the auction processoutlinedabove.ThesnapwillbetriggeredbytheupdateofFID6TRDPRC_1onthemainSilverPriceRIC<LDNXAG=>.TheindicativecurrencyrateusedwillbefromThomsonReutersDealingplatform.TheRICsare<EUR=D3>and<GBP=D3>andthemidpriceFID134MID_PRICEwillbeused.Attheexacttimethecurrencysnaptakes place the final LBMA Silver Price will be converted into the relevant currency using the indicative currency rate FID997GENVAL_2on<LDNXAGEUR=>and<LDNXAGGBP=>andthecurrencyconvertedLBMASilverPricewillthenbeupdatedtoFID6TRDPRC_1on<LDNXAGEUR=>and<LDNXAGGBP=>.Clientsshouldbeawarethattheseprices are purely indicative.

Example for EUR:

FinalauctionroundsetsLBMASilverPriceat12:06priceof$20.70

12:06–<EUR=D3>FID134issnappede.g1.3385

12:06–<LDNXAG=>FID6isconvertedusing<EUR=D3>FID134e.g.20.7/1.3885=$14.90

12:06–<LDNXAGEUR=>updatesFID997withcurrencysnapvalue1.3885

12:06–<LDNXAGEUR=>updatesFID6withconvertedvalue$14.90

How long will the RIC redirection from <XAGFIX=> to <LDNFIX=> be in place for?

Until17thOctober2014.

When should clients replace <XAGFIX=> with <LDNFIX=>?Attheirearliestconvenience–priceRIC<LDNFIX=>andauctionRICsonchain<0#LDNXAG>willbeavailableafter00:05amLondontimeon6thAugust2014.

What is the exact timing of The LBMA Silver Price?TheauctionprocesswillbeginatmiddayLondontime.Auctionroundswilllast30seconds.Duetothenatureoftheauction process outlined above the exact number of rounds it will take before the price is arrived it is an unknown. It will take as many auction rounds as necessary until the volumes “match” within the tolerance of three Lakhs (300,000TroyOz).

What other documentation is available?PleaserefertotheDN’swhichhavebeenissued:

DNtonotifyoftheendoftheLondonSilverFix–DN076399

DNtonotifyofTheLBMASilverPrice–DN077090

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key neW Fids

Auction & price RICs:

Fid nuMBer Fid nAMe Fid desCription riC round

3 DSPLy_NAME Abbreviated name for the instrument LDNXAG=andLDNXAGAUCn

All Rounds

6 TRDPRC_1 Finalfixingprice LDNXAG= Final

11 NETCHNG_1 Differencebetweenthelastesttradingpriceorvalueandtheadjusted historical closing value or settlement price.

LDNXAG= Final

15 CURRENCy quotedcurrencyoftheinstrument LDNXAG=andLDNXAGAUCn

21 HST_CLOSE Historicalunadjustedcloseorsettlementprice. LDNXAG= Final

53 TRD_UNITS Price units of the instrument LDNXAG=andLDNXAGAUCn

All Rounds

54 LOTSZUNITS Lot size units LDNXAG=andLDNXAGAUCn

All Rounds

56 PCTCHNG Percentage change of the latest trade price or value from the adjusted historical close.

LDNXAG= Final

1447 AUCTN_DATE DateofAuction LDNXAG=andLDNXAGAUCn

All Rounds

3576 AuctionPRC Price at end of Auction LDNXAGAUCn Auction Rounds

4406 TOT_ASkVOL aggregated Auction Ask volume LDNXAGAUCn Auction Rounds

4407 TOT_BIDVOL aggregated Auction Bid volume LDNXAGAUCn Auction Rounds

6692 Mk_PHA_STM Time the Auction round starts LDNXAG=andLDNXAGAUCn

All Rounds

6693 Mk_PHA_ETM Time the Auction round ends LDNXAG=andLDNXAGAUCn

All Rounds

Theremaybesome“valueadd”fieldssuchasyearHighandyearLowwhichwillnotbeavailableonthelaunchdate. These will be added as part of a Phase 2 project.

Currency Conversion FIDs:

Fid nuMBer Fid nAMe Fid desCription riC

3 DSPLy_NAME Abbreviated name for the instrument LDNXAGEUR= LDNXAGGBP= LDNXAGAUD=

6 TRDPRC_1 Finalfixingpriceconvertedintocurrency All3currencyRICsabove

15 CURRENCy quotedcurrencyoftheinstrument All3currencyRICsabove

21 HST_CLOSE Historicalunadjustedcloseorsettlementprice. All3currencyRICsabove

53 TRD_UNITS Price units of the instrument All3currencyRICsabove

54 LOTSZUNITS Lot size units All3currencyRICsabove

79 HSTCLSEDATE Historicalunadjustedcloseorsettlementpricedate All3currencyRICsabove

275 SEC_ACT_1 Differencebetweenthelastesttradingpriceorvalueandtheadjustedhistoricalclosing value or settlement price.

All3currencyRICsabove

393 PRIMACT_1 Finalfixingpriceconvertedintocurrency All3currencyRICsabove

875 VALUE_DT1 ValueDate All3currencyRICsabove

997 GENVAL_2 FXrateusedforcurrencyconversion All3currencyRICsabove

1001 GV2_TEXT FXratetextfield All3currencyRICsabove

1010 VALUE_TS1 TimetheAuctionroundends/TimeofCurrencyConversion All3currencyRICsabove

FAq’s

When does the new LBMA Silver Price come into effect?15thAugust2014.

Will the new RICs be available prior to the launch date? TheexistingLondonSilverFixprocessisstillinplaceuntilcloseofbusinesson14thAugust.

NewRICswillbeavailabletoThomsonReutersEikonclientstousepriortothelaunchdatefrom12:05amLondontimeon6thAugust.CurrencyconvertedRICswillbeavailablefrom00:05amon7thAugust.PleasenotethattheremaybesometestdatawhichappearsonthesenewRICswhichshouldbedisregardeduntil12:05amon15thAugustwhenallnewRICswillbecleareddownreadyforthelaunchdateon15thAugust.

ClientsusingtheexistingRIC<XAGFIX=>willbeautomaticallyredirectedtothenewRIC<LDNXAG>between10:30amand11amLondontimeon15thAugust.Thisredirectionwillremaininplaceuntil17thOctober2014.After this point clients should update all displays and spreadsheets with the new RICs.

Why is there no AUD converted LBMA Silver Price?Noexactreplacementwillexistatthefeedbackofmarketparticipants.

How are the LBMA Silver Price indicative currency RICs for GBP or EUR calculated?ThenewindicativeEURandGBPcurrencyRICsare<LDNXAGEUR=>and<LDNXAGGBP=>.Currencysnapandprice conversion will be  triggered when The LBMA Silver Price is set at the end of the last auction round. The time will vary each day depending on how many auction rounds it takes to arrive at the final price as per the auction processoutlinedabove.ThesnapwillbetriggeredbytheupdateofFID6TRDPRC_1onthemainSilverPriceRIC<LDNXAG=>.TheindicativecurrencyrateusedwillbefromThomsonReutersDealingplatform.TheRICsare<EUR=D3>and<GBP=D3>andthemidpriceFID134MID_PRICEwillbeused.Attheexacttimethecurrencysnaptakes place the final LBMA Silver Price will be converted into the relevant currency using the indicative currency rate FID997GENVAL_2on<LDNXAGEUR=>and<LDNXAGGBP=>andthecurrencyconvertedLBMASilverPricewillthenbeupdatedtoFID6TRDPRC_1on<LDNXAGEUR=>and<LDNXAGGBP=>.Clientsshouldbeawarethattheseprices are purely indicative.

Example for EUR:

FinalauctionroundsetsLBMASilverPriceat12:06priceof$20.70

12:06–<EUR=D3>FID134issnappede.g1.3385

12:06–<LDNXAG=>FID6isconvertedusing<EUR=D3>FID134e.g.20.7/1.3885=$14.90

12:06–<LDNXAGEUR=>updatesFID997withcurrencysnapvalue1.3885

12:06–<LDNXAGEUR=>updatesFID6withconvertedvalue$14.90

How long will the RIC redirection from <XAGFIX=> to <LDNFIX=> be in place for?

Until17thOctober2014.

When should clients replace <XAGFIX=> with <LDNFIX=>?Attheirearliestconvenience–priceRIC<LDNFIX=>andauctionRICsonchain<0#LDNXAG>willbeavailableafter00:05amLondontimeon6thAugust2014.

What is the exact timing of The LBMA Silver Price?TheauctionprocesswillbeginatmiddayLondontime.Auctionroundswilllast30seconds.Duetothenatureoftheauction process outlined above the exact number of rounds it will take before the price is arrived it is an unknown. It will take as many auction rounds as necessary until the volumes “match” within the tolerance of three Lakhs (300,000TroyOz).

What other documentation is available?PleaserefertotheDN’swhichhavebeenissued:

DNtonotifyoftheendoftheLondonSilverFix–DN076399

DNtonotifyofTheLBMASilverPrice–DN077090

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What format will the price be set in?PricewillbeinUSdollarspertroyoz.

How many decimals will the price be quoted in?TheLBMASilverPricewillbequotedto3decimalplaces.

How do market participants get the LBMA Silver Price?Thomson Reuters will be distributing The LBMA Silver Price and auction round data over our standard market data systems(EikonandElektron).

WewillalsobemakingthefinalLBMASilverPricedataavailableforre-distributionby3rdpartydatavendors (e.g.,Bloomberg).

DatawillbepublishedontheLBMAwebsite.

Will The LBMA Silver Price be available in Datascope?yes,thefinalpricevalueofTheLBMASilverPricewillbeavailableinDatascopeasanendofdayvalue.

Will The LBMA Silver Price be available in Reuters Knowledge or other Thomson Reuters products?yes,TheLBMASilverPriceandAuctionrounddatawillbeavailableinReutersknowledge,oranyother ThomsonReutersproductwhichisabletocurrentlyview<XAGFIX=>,initiallyuntilthedatabecomesfeeliable.

How do the market participants submit their bids/offers during the auction process? ThedirectparticipantsintheauctionwillhaveaccesstoCMEDirect.

How will I receive The LBMA Silver Price?Clients can access The LBMA Silver Price through their Thomson Reuters Eikon, other Thomson Reuters desktop productwhichtheycanaccessthecurrentLondonSilverFixdata.

I am using the composite page <PFIX> what will this display The LBMA Silver Price?yes,on14thAugust<PFIX>willdisplaythelastFixpriceadministeredbyLondonSilverMarketFixingLtd. After00:05amon15thAugustthepage<PFIX>willchangetoshowTheLBMASilverPrice.Thepagewill not be removed.

What are the Thomson Reuters Eikon Display Templates which will be used for the new RICs?cme_precm_auct_nt.qte–DisplayTemplateforindividualauctionRICe.g.<LDNXAGAUC1>

cme_precm_prc_nt.qte–DisplayTemplateformainLBMASilverPriceRIC<LDNXAG=>

cme_precm_chn_nt.qte–DisplayTemplateformainLBMASilverPriceChainRIC<0#LDNXAG>

grain_nt.qte–DisplayTemplateforindicativeLBMASilverPriceGBPandEURRICs<LDNXAGEUR=>and<LDNXAGGBP=>

I am unable to view the main LBMA Silver Price and auction round RICs in Thomson Reuters Eikon prior to the launch date. What should I do?PleasealsobeawarethatforthemainLBMASilverPriceRICandtheindividualauctionroundRICstheDisplayTemplatemaynotbeavailablepriortothelaunchdate.ClientswishingtoviewtheDisplayTemplateshouldfollowthese steps:

1. Clickon“Menu”inthetoprightcornerofthequoteObject

2. Select“Template>ChooseTemplate”

3. Searchfor“cme_precm_chn_nt.qte”forusewith<LDNXAG=>and“cme_precm_auct_nt.qte”forusewithindividualauctionroundRICssuchas<LDNXAGAUC1>

4. OncetheappropriateTemplateisselectedclickOk.

lBMA silver priCe

What holiday schedule will The LBMA Silver Price follow?TheLBMASilverPricewillfollowaUkholidayschedule.

What are the costs to view the data? Foraninitialperiodtherewillbenoadd-onchargeforThomsonReutersEikonclientstoaccessTheLBMASilverPrice and auction data.

Aftertheinitialperiod,wewillintroduceaperuserchargeforreal-timeaccess.Nofirmdatehasyetbeenset for this change.

Price data will be published for free access on the LBMA website.

Will I need a license to refer to The LBMA Silver Price in contracts?Notinitially.Detailedlicensingplansarestilltobedeveloped

Our expectation is that there will be no charge for the continuation of existing LBMA-member activities (e.g., LBMA spotmarket-makertransactionswiththeirclients).

Who should re-distribution partners contact to get access to The LBMA Silver Price?RichardBlachfordinthePartnerExecutiveteam(Richard.blachford@thomsonreuters.com)

What will be the length of each auction round?Eachauctionroundwilllast30seconds.

What to do if you are negotiating contracts that refer to the Fix?RefertoISDA,andusethesameISDAwordingtoprovideuniformity

What to do if you have OTC derivative contracts? RefertotheISDAagreement.

I trade in the Fix through a bullion bank. What will change for me on 15 Aug?Verylittle.youcantradeinthenewmechanismthroughaBullionbank–andyoushouldtalktothemaboutthis.There will be better visibility of the new process though as you will be able to see the auction process live on a ThomsonReutersscreenorthroughathirdparty(0#LDNXAGisthechainric;<LDNXAG=>isthefinalsilverfixingpriceRIC;<LDNXAGAUC1>–<LDNXAGAUC250>aretheauctionroundRICs.

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lBMA silver priCe

What holiday schedule will The LBMA Silver Price follow?TheLBMASilverPricewillfollowaUkholidayschedule.

What are the costs to view the data? Foraninitialperiodtherewillbenoadd-onchargeforThomsonReutersEikonclientstoaccessTheLBMASilverPrice and auction data.

Aftertheinitialperiod,wewillintroduceaperuserchargeforreal-timeaccess.Nofirmdatehasyetbeenset for this change.

Price data will be published for free access on the LBMA website.

Will I need a license to refer to The LBMA Silver Price in contracts?Notinitially.Detailedlicensingplansarestilltobedeveloped

Our expectation is that there will be no charge for the continuation of existing LBMA-member activities (e.g., LBMA spotmarket-makertransactionswiththeirclients).

Who should re-distribution partners contact to get access to The LBMA Silver Price?RichardBlachfordinthePartnerExecutiveteam(Richard.blachford@thomsonreuters.com)

What will be the length of each auction round?Eachauctionroundwilllast30seconds.

What to do if you are negotiating contracts that refer to the Fix?RefertoISDA,andusethesameISDAwordingtoprovideuniformity

What to do if you have OTC derivative contracts? RefertotheISDAagreement.

I trade in the Fix through a bullion bank. What will change for me on 15 Aug?Verylittle.youcantradeinthenewmechanismthroughaBullionbank–andyoushouldtalktothemaboutthis.There will be better visibility of the new process though as you will be able to see the auction process live on a ThomsonReutersscreenorthroughathirdparty(0#LDNXAGisthechainric;<LDNXAG=>isthefinalsilverfixingpriceRIC;<LDNXAGAUC1>–<LDNXAGAUC250>aretheauctionroundRICs.

14THAUGUST2014 76 FREqUENTLyASkEDqUESTIONS

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