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In accordance with paragraph 1 of Article 63 of law 120/2017 of 15 September)
Banco de Portugal - Exchange Rates
A series of changes have emerged in recent months to administrative and governance adaptations relating to LBMA prices for gold, silver, platinum, palladium and GOFO. These changes and developments are summarized below.


The new Gold Price - LBMA was launched on March 20, 2015. The price continues to be set twice daily (at 10:30 and 15:00 GMT London) in US dollars. Euro and Pound Sterling prices are available but as indicative prices for trading. Market participants will have to mention the name change (LBMA Gold Price) in their own contracts and agreements, as well as those they make with customers and counterparties.
The new Gold Price - LBMA is operated and administered by an independent third party, ICE Benchmark Admistration (IBA) who were selected after consultation with market participants. This consensus was reached during the LBMA market consultation, which involved two market studies, a seminar, meetings with market participants, solution providers and the regulator. IBA is an independent reference expert that provides the pricing platform, methodology, as well as general administration and governance for LBMA Gold Price. The IBA platform is an electronic, auction-based, tradable, fully IOSCO-compliant solution to the London bullion marketplace.
Effective October 1, 2015 ICE Benchmark Administration is introducing a new trading model for the LBMA Gold Price. A usage license is required by any party using LBMA Gold Price in valuation and pricing activities. For more information about the LBMA Gold Price see ICE Licensing arrangements.


On August 15, 2014, the historical Silver Fix that had existed since 1897 was replaced by the LBMA Silver Price. The London Silver Fixing Company Limited was injured from this date and administrative responsibility for the price of silver was transferred to the CME Group andThomson Reuters. CME Group offer the electronic auction platform on which the price is calculated and Thomson Reuters are responsible for the administration and governance of the LBMA silver price. The LBMA is responsible for price accreditation of participants and also for intellectual property rights. The price continues to be set each business day at 12:00 pm (London time) in US dollars. The Euro and Pound Sterling price are available, but as indicative prices for trading. Prices are published on the LBMA`S Website with a 15 minute delay (see Useful Links section below).
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 through an electronic platform for the auction. It continues to be based in London and offers a fully IOSCO-compliant solution to the London bullion marketplace. The benchmarking process has been followed early in order to minimize potential disruptions and allow for a smooth transition to the market. Participants with a Reuters terminal can view the auction live, quoting RIC 0 # LDNXAG. Further details on the licensing regime for the LBMA Silver Price are available on the Thomson Reuters website.
Six pricing participants have been accredited to contribute to the LBMA silver price: HSBC Bank USA NA, JPMorgan Chase Bank, Mitsui & Co Inc Precious Metals, The Bank of Nova Scotia - ScotiaMocatta, The Toronto Dominion Bank and UBS AG.


As of December 1, 2014, the new LBMA prices for Platinum and Paladium are being administered independently by the London Metal Exchange (LME). These new benchmarks replace PGM Fixes, historically managed by London Platinum and Palladium Fixing Company Limited (LPPFCL). This followed an approach by the LPPFCL to the LBMA to take ownership of the historical and future intellectual property (primarily price data) of what will now be called the LBMA platinum price AND LBMA Paladium price. Prices continue to be set twice daily at 09:45 and 14:00 (London GMT) in US Dollars per .9995 ounce of fine gold. Euro and Pound Sterling prices are available, but as indicative prices for negotiation.
Five pricing participants were 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 created subsidiary company of LBMA. For information on licensing agreements regarding pricing, including a list of data providers, see the LME website.
Starting July 13, 2015, prices will be updated on the LBMA website every day at midnight. A data license is required by any party using the LBMA platinum price and LBMA palladium price. For information regarding the licensing regime check LME`s Website.