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mobile-submenu-item visible-xs"><a href="/web/20151004193533/https://www.theice.com/clearing">Overview</a></p></div><div id="content-1500088378"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151004193533/https://www.theice.com/clear-europe">ICE Clear Europe</a></p><ul class="list-featured hidden-xs"><li><a href="/web/20151004193533/https://www.theice.com/clear-europe/risk-management">Risk Management</a></li><li><a href="/web/20151004193533/https://www.theice.com/clear-europe/membership">Membership</a></li><li><a href="/web/20151004193533/https://www.theice.com/clear-europe/circulars">Circulars</a></li><li><a href="/web/20151004193533/https://www.theice.com/clear-europe/regulation">Regulation</a></li><li><a href="/web/20151004193533/https://www.theice.com/clear-europe/operations">Operations</a></li><li><a href="/web/20151004193533/https://www.theice.com/clear-europe/technology">Technology</a></li><li><a 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data-reactid=".1thoxn9c000.2.3:$5.0">Benchmarks</a><div class="nav-flyout-drawer true-grid-10" data-reactid=".1thoxn9c000.2.3:$5.1"><div class="row"><div class="true-grid-quarter"><div><div id="content-1500088311"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151004193533/https://www.theice.com/iba">About IBA</a></p><ul class="list-featured hidden-xs"><li><a href="/web/20151004193533/https://www.theice.com/iba/licensing">Licensing & Data</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/market-status">Market Status</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/board-of-directors">Board of Directors</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/historical-data">Historical Data</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/holiday-calendars">Holiday Calendar</a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500088312"><div><p 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href="/web/20151004193533/https://www.theice.com/iba/ice-swap-rate#accessing">Accessing Rates</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/ice-swap-rate#calculation">Methodology</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/ice-swap-rate#venues">Venues</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/ice-swap-rate#currencies-tenors">Currencies, Tenors & Publication Times</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/ice-swap-rate#governance">Governance & Oversight</a></li><li><a href="/web/20151004193533/https://www.theice.com/iba/ice-swap-rate#non-publication">Non-Publication Days</a></li><li><a href=""></a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500092153"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151004193533/https://www.theice.com/iba/lbma-gold-price">LBMA Gold Price</a></p><ul class="list-featured hidden-xs"><li><a 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class="row"><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="hidden-xs"><div><div id="content-1500085149"><p class="list-featured-header mobile-submenu-item spacer-sm"><a href="/web/20151004193533/https://www.theice.com/iba/contact">Contact ICE Benchmark Administration</a></p></div></div></div></div></li><li class="" data-reactid=".1thoxn9c000.2.3:$6"><a href="/web/20151004193533/https://www.theice.com/marketdata/reports" data-reactid=".1thoxn9c000.2.3:$6.0">Reports</a><div class="nav-flyout-drawer true-grid-10" data-reactid=".1thoxn9c000.2.3:$6.1"><div class="row"><div class="true-grid-quarter"><div><div id="content-1500088404"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151004193533/https://www.theice.com/marketdata/reports">See All Reports</a></p><ul class="list-featured hidden-xs"></ul></div></div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="row"><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="hidden-xs"><div><div id="content-1500088403"><p class="list-featured-header mobile-submenu-item">Frequently Accessed Reports</p> <ul class="list-inline list-featured hidden-xs"> <li><a href="/web/20151004193533/https://www.theice.com/marketdata/reports/10">ICE Futures Europe End of Day</a></li> <li><a href="/web/20151004193533/https://www.theice.com/marketdata/reports/122">Commitments of Traders</a></li> <li><a href="/web/20151004193533/https://www.theice.com/marketdata/reports/176">Daily, MTD, QTD, YTD Volume & OI</a></li> <li><a href="/web/20151004193533/https://www.theice.com/marketdata/reports/170">ICE LIBOR Historical Rates</a></li> </ul></div></div></div></div></li><li class="" data-reactid=".1thoxn9c000.2.3:$7"><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/why-nyse" data-reactid=".1thoxn9c000.2.3:$7.0">List</a><div class="nav-flyout-drawer true-grid-10" data-reactid=".1thoxn9c000.2.3:$7.1"><div class="row"><div class="true-grid-quarter"><div><div id="content-1500088363"><div><p class="list-featured-header mobile-submenu-item"><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/market-model">NYSE Market Model</a></p><ul class="list-featured hidden-xs"><li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/market-model/overview#dmms-2">Designated Market Makers</a></li><li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/market-model/overview#floor-brokers">Floor Brokers</a></li><li><a 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Coverage</a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500088365"><div><p class="list-featured-header mobile-submenu-item"><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/network">NYSE Network</a></p><ul class="list-featured hidden-xs"><li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/the-exchange">Community</a></li><li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/global-visibility">Global Visibility</a></li><li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/bell">The Bell</a></li><li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/events">Events</a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500093002"><div class="media-promo hidden-xs"> <img class="media-object" src="/web/20151004193533im_/https://www.theice.com/publicdocs/cmsdata/ice/images/floor.jpg" style="width: 200px" alt=""> </div></div></div></div></div><div class="row"><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="hidden-xs"><div><div id="content-1500085134"><i class="logo-nyse"></i> <p class="list-featured-header mobile-submenu-item"><strong>Listings Resources</strong></p><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/get-started" class="btn btn-default pull-right">Get Started</a> <ul class="list-featured list-inline hidden-xs"> <li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/get-started/ipo-kit">IPO Kit</a></li> <li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/get-started/reference">Important References</a></li> <li><a href="https://web.archive.org/web/20151004193533/https://www.nyse.com/get-started/transfer">Transfer</a></li> <li><a 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href="/web/20151004193533/https://www.theice.com/EducationCourses.shtml?courseList=">Education Courses</a></li><li><a href="/web/20151004193533/https://www.theice.com/EducationCourses.shtml?courseCalendar=">Course Calendar</a></li><li><a href="/web/20151004193533/https://www.theice.com/support/education-booking-terms">Booking Terms</a></li><li><a href="/web/20151004193533/https://www.theice.com/KnowledgeCenter.shtml">Knowledge Center</a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500088341"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151004193533/https://www.theice.com/information-exchange">The Information Exchange</a></p><ul class="list-featured hidden-xs"></ul></div></div><div id="content-1500092234"><ul class="list-featured hidden-xs"> <li> <a href="/web/20151004193533/https://www.theice.com/benchmarks-confidence"><img src="/web/20151004193533im_/https://www.theice.com/publicdocs/cmsdata/ice/images/ph_nav_iba.jpg" width="225"><br><ul class="list-featured">Restoring Integrity to Global Benchmarks</ul></a></li></ul></div></div></div><div class="true-grid-quarter"><div><div id="content-1500092236"><p class="list-featured-header mobile-submenu-item hidden-xs"><br></p> <ul class="list-featured hidden-xs"></ul> <ul class="list-featured hidden-xs"> <li><a href="/web/20151004193533/https://www.theice.com/brent-crude"><img src="/web/20151004193533im_/https://www.theice.com/publicdocs/cmsdata/ice/images/nav_promo_oil.jpg" width="225" alt=""><br><ul class="list-featured"><li>5 Facts About Today’s Oil Market</li></ul></a></li></ul></div></div></div><div class="true-grid-quarter"><div><div id="content-1500092238"><p class="list-featured-header mobile-submenu-item hidden-xs"><br></p> <ul class="list-featured hidden-xs"></ul> <ul class="list-featured hidden-xs"> <li><a href="/web/20151004193533/https://www.theice.com/article/world-cotton"><img src="/web/20151004193533im_/https://www.theice.com/publicdocs/cmsdata/ice/images/ph_nav_cotton.jpg" width="225" alt=""><br><ul class="list-featured"><li>Cotton Hedgers Pave Way for International Contracts</li></ul></a></li></ul></div></div></div></div><div class="row"><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="hidden-xs"><div></div></div></div></li><li class="visible-xs is-standalone" data-reactid=".1thoxn9c000.2.4"><a href="#" data-reactid=".1thoxn9c000.2.4.0">Search</a></li></ul></div></div><div id="content-1500087915"><form class="typeahead-search typeahead-search-fullscreen typeahead-search typeahead is-empty" data-reactid=".1mgofijzxmo" data-react-checksum="-1919680461"><div class="typeahead-mask" data-reactid=".1mgofijzxmo.0"></div><div 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class=\"true-grid-quarter\"><div><div id=\"content-1500085741\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/products/Futures-Options\">Futures & Options</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/products/Futures-Options/Agriculture\">Agriculture</a></li><li><a href=\"/products/Futures-Options/Credit\">Credit</a></li><li><a href=\"/products/Futures-Options/Energy\">Energy</a></li><li><a href=\"/products/Futures-Options/Equity-Derivatives\">Equity Derivatives</a></li><li><a href=\"/products/Futures-Options/FX\">FX</a></li><li><a href=\"/products/Futures-Options/Freight\">Freight</a></li><li><a href=\"/products/Futures-Options/Interest-Rates\">Interest Rates</a></li><li><a href=\"/products/Futures-Options/Metals\">Metals</a></li><li><a href=\"/products/Futures-Options/Energy/Emissions\">Emissions</a></li><li><a href=\"/products/Futures-Options/US-Environmental\">U.S. Environmental</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088228\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/products/OTC\">OTC</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/products/OTC/Credit-Default-Swaps\">Credit Default Swaps</a></li><li><a href=\"/products/OTC/ICE-Swap-Trade\">ICE Swap Trade</a></li><li><a href=\"/products/OTC/Physical-Energy\">Physical Energy</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div><div id=\"content-1500090704\"><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/products\">SEE ALL Products <i class=\"chevron-e chevron-sm chevron-disabled\"></i></a></p></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500085092\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/products\">Featured Products</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/brent-crude\">Brent Crude</a></li><li><a href=\"/products/23/Sugar-No-11-Futures\">Sugar No 11</a></li><li><a href=\"/products/37650330/Three-Month-Sterling-Short-Sterling-Future\">Sterling</a></li><li><a href=\"/products/194/US-Dollar-Index-Futures\">USDX</a></li><li><a href=\"/products/38527986/Three-Month-Euribor-Futures\">EURIBOR</a></li><li><a href=\"/products/15/Coffee-C-Futures\">Coffee</a></li><li><a href=\"/products/6590258/Henry-LD1-Fixed-Price-Future\">Henry Hub</a></li><li><a href=\"/products/31196851/mini-MSCI-Emerging-Markets-Index-Future\">MSCI</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500085748\"><a class=\"media-promo hidden-xs\" href=\"https://www.theice.com/article/world-cotton\" target=\"_blank\">\r\n <img class=\"media-object\" src=\"/publicdocs/cmsdata/ice/images/cotton_square_logo.jpg\" height=\"150px\">\r\n <p class=\"media-heading\">World Cotton</p>\r\n <p>World Cotton will trade alongside the benchmark Cotton No. 2 contract</p>\r\n\r\n</a></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500088231\"><div class=\"split spacer-sm\">\r\n <div class=\"split-left split-vbottom\">\r\n <p class=\"list-featured-header mobile-submenu-item\">Trading Resources</p><ul class=\"list-featured-inline spacer-xs hidden-xs\">\r\n <li><a href=\"/productguide/Search.shtml?tradingHours=\">Trading Hours</a></li>\r\n <li><a href=\"/holiday-hours\">Holiday Calendar</a></li>\r\n <li><a href=\"/marketdata/ExpiryCalendar.shtml?expiry\">Expiry Dates</a></li>\r\n <li><a href=\"/products\">All Product Codes</a></li>\r\n <li><a href=\"http://data.theice.com/Services/DataDistribution/Vendor/VendorCodes.aspx\">Vendor Codes</a></li>\r\n </ul>\r\n </div>\r\n <div class=\"split-right split-vbottom\">\r\n <a href=\"/contact\" class=\"btn spacer-sm\">Help Desk</a>\r\n </div>\r\n</div></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088006\"><p class=\"list-featured-header mobile-submenu-item visible-xs visible-sm\"><a href=\"/markets\">Overview</a></p></div><div id=\"content-1500086642\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/asset-classes\">Asset Classes</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/energy\">Energy</a></li><li><a href=\"/interest-rates\">Interest Rates</a></li><li><a href=\"/agriculture\">Agriculture</a></li><li><a href=\"/single-stock-equity-index\">Equity Derivatives</a></li><li><a href=\"/metals\">Metals</a></li><li><a href=\"/credit-derivatives\">Credit Derivatives</a></li><li><a href=\"/forex\">FX</a></li><li><a href=\"/emissions\">Emissions</a></li><li><a href=\"https://www.nyse.com\">Equities</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091676\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/futures-europe\">ICE Futures Europe</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/futures-europe/regulation\">Regulation</a></li><li><a href=\"/futures-europe/circulars\">Circulars</a></li><li><a href=\"/futures-europe/corporate-actions\">Corporate Actions</a></li><li><a href=\"/futures-europe/membership\">Membership</a></li><li><a href=\"/futures-europe/brent\">Brent Index</a></li><li><a href=\"/futures-europe/market-resources\">Resources</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091364\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/endex\">ICE Endex</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/endex/regulation\">Regulation</a></li><li><a href=\"/endex/circulars\">Circulars</a></li><li><a href=\"/endex/membership\">Membership</a></li><li><a href=\"/endex/supervisory-board\">Supervisory Board</a></li><li><a href=\"/endex/market-resources\">Resources</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500092216\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/otc-energy\">ICE OTC Energy</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/otc-energy/regulation\">Regulation</a></li><li><a href=\"/otc-energy/agreements\">Agreements</a></li><li><a href=\"/otc-energy/cleared-ngx-markets\">Cleared NGX</a></li><li><a href=\"/ccx\">OTC Environmental</a></li><li><a href=\"https://brix.com.br/homepage.jhtml\">Brix</a></li></ul></div></div><div id=\"content-1500085171\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/brokered-markets\">Brokered Markets</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/service/creditex\">Creditex</a></li><li><a href=\"/service/broker-services#chatham\">Chatham</a></li><li><a href=\"/service/broker-services#beacon\">Beacon</a></li></ul></div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088012\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/futures-us\">ICE Futures U.S.</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/futures-us/regulation\">Regulation</a></li><li><a href=\"/futures-us/notices\">Notices</a></li><li><a href=\"/futures-us/membership\">Membership</a></li><li><a href=\"/futures-us/market-resources\">Resources</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088014\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/futures-canada\">ICE Futures Canada</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/futures-canada/regulation\">Regulation</a></li><li><a href=\"/futures-canada/notices\">Notices</a></li><li><a href=\"/futures-canada/membership\">Membership</a></li><li><a href=\"/futures-canada/market-resources\">Resources</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088013\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/futures-singapore\">ICE Futures Singapore</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/futures-singapore/regulation\">Regulation</a></li><li><a href=\"/futures-singapore/circulars\">Circulars</a></li><li><a href=\"/futures-singapore/membership\">Membership</a></li><li><a href=\"/futures-singapore/market-resources\">Resources</a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088015\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/swap-trade\">ICE Swap Trade</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/swap-trade/regulation\">Regulation</a></li><li><a href=\"/swap-trade/notices\">Notices</a></li><li><a href=\"/swap-trade/membership\">Membership</a></li></ul></div></div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500090132\"><div class=\"split spacer-sm\">\r\n <div class=\"split-left split-vbottom\">\r\n <p class=\"list-featured-header mobile-submenu-item\">Trading Resources</p>\r\n <ul class=\"list-featured-inline spacer-xs hidden-xs\">\r\n <li><a href=\"/productguide/Search.shtml?tradingHours=\">Trading Hours</a></li>\r\n <li><a href=\"/holiday-hours\">Holiday Calendar</a></li>\r\n <li><a href=\"/marketdata/ExpiryCalendar.shtml?expiry\">Expiry Dates</a></li>\r\n <li><a href=\"/products\">All Product Codes</a></li>\r\n <li><a href=\"http://data.theice.com/Services/DataDistribution/Vendor/VendorCodes.aspx\">Vendor Codes</a></li>\r\n </ul>\r\n </div>\r\n <div class=\"split-right split-vbottom\">\r\n <a href=\"/contact\" class=\"btn spacer-sm\">Help Desk</a>\r\n </div>\r\n</div>\r\n</div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088377\"><p class=\"list-featured-header mobile-submenu-item visible-xs\"><a href=\"/clearing\">Overview</a></p></div><div id=\"content-1500088378\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-europe\">ICE Clear Europe</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-europe/risk-management\">Risk Management</a></li><li><a href=\"/clear-europe/membership\">Membership</a></li><li><a href=\"/clear-europe/circulars\">Circulars</a></li><li><a href=\"/clear-europe/regulation\">Regulation</a></li><li><a href=\"/clear-europe/operations\">Operations</a></li><li><a href=\"/clear-europe/technology\">Technology</a></li><li><a href=\"/clear-europe/treasury-and-banking\">Treasury & Banking</a></li><li><a href=\"/clear-europe/client-clearing\">Client Clearing</a></li><li><a href=\"/clear-europe/cds\">CDS</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500086002\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-canada\">ICE Clear Canada</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-canada/risk-management\">Risk Management</a></li><li><a href=\"/clear-canada/participants\">Membership</a></li><li><a href=\"/clear-canada/notices\">Notices</a></li><li><a href=\"/clear-canada/regulation\">Regulation</a></li><li><a href=\"/clear-canada/technology\">Technology</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088383\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-netherlands\">ICE Clear Netherlands</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-netherlands/risk-management\">Risk Management</a></li><li><a href=\"/clear-netherlands/membership\">Membership</a></li><li><a href=\"/clear-netherlands/notices\">Notices</a></li><li><a href=\"/clear-netherlands/operations\">Operations</a></li><li><a href=\"/clear-netherlands/regulation\">Regulation</a></li><li><a href=\"/clear-netherlands/technology\">Technology</a></li><li><a href=\"/clear-netherlands/statistics\">Statistics</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088385\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clearing-corp\">The Clearing Corp</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-us/notices\">Notices</a></li><li><a href=\"/clearing-corp/regulation\">Regulation</a></li><li><a href=\"https://firms.icc.theice.com/wrq/session/\">Atom</a></li><li><a href=\"https://www.theice.com/clearingcorp/bulletins/index.html\">Archived Bulletins</a></li></ul></div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500092198\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-us\">ICE Clear U.S.</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-us/risk-management\">Risk Management</a></li><li><a href=\"/clear-us/membership\">Membership</a></li><li><a href=\"/clear-us/notices\">Notices</a></li><li><a href=\"/clear-us/regulation\">Regulation</a></li><li><a href=\"/clear-us/technology\">Technology</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088382\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-singapore\">ICE Clear Singapore</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-singapore/membership\">Membership</a></li><li><a href=\"/clear-singapore/circulars\">Circulars</a></li><li><a href=\"/clear-singapore/regulation\">Regulation</a></li><li><a href=\"/clear-singapore/technology\">Technology</a></li><li><a href=\"/clear-singapore/treasury\">Treasury</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500085910\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-credit\">ICE Clear Credit</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-credit/participants\">Membership</a></li><li><a href=\"/clear-credit/circulars\">Circulars</a></li><li><a href=\"/clear-credit/regulation\">Regulation</a></li><li><a href=\"/clear-credit/cds-client-clearing\">CDS Client Clearing</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500085913\"><p class=\"list-featured-header mobile-submenu-item\">Clearing Resources</p>\r\n<ul class=\"list-inline list-featured hidden-xs\">\r\n <li><a href=\"https://www.theice.com/productguide/Search.shtml?tradingHours=\">Trading Calendar</a></li>\r\n <li><a href=\"/holiday-hours\">Holiday Calendar</a></li>\r\n <li><a href=\"/fees\">Fees</a></li>\r\n <li><a href=\"/margins\">Margins</a></li>\r\n <li><a href=\"/marketdata/ExpiryCalendar.shtml?expiry\">Expiry Calendar</a></li>\r\n <li><a href=\"/Subscription.shtml\">Subscriptions</a></li>\r\n<li><a href=\"/technology/ice-link\">ICE Link</a></li>\r\n</ul></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088259\"><div class=\"visible-xs visible-sm\"><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data\">Overview</a></p></div></div><div id=\"content-1500088266\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data/traders-risk-managers\">For Traders & Risk Managers</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/market-data/view-only-quotes\">View-Only Quotes</a></li><li><a href=\"/market-data/ice-indices\">ICE Indices</a></li><li><a href=\"https://www.superderivatives.com/\">SuperDerivatives</a></li><li><a href=\"/market-data/end-of-day-reports\">End of Day Reports</a></li><li><a href=\"/marketdata/reports\">Report Center</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500090789\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data/quote-data-distribution\">Quote and Data Distribution</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/market-data/quote-data-distribution\">Quote Vendors</a></li><li><a href=\"/market-data/end-of-day-reports\">End-of-Day Pricing Data</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div><div id=\"content-1500087376\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data/third-party\">Third-Party Data</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/market-data/oil-gas-commentary\">Oil & Natural Gas Commentary</a></li><li><a href=\"/data/live-squawk\">Real-Time, Global Financial News</a></li><li><a href=\"/market-data/weather-services\">Meteorological Reports</a></li><li><a href=\"/market-data/petroleum-status-alerts\">Global Petroleum Refining Alerts</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091856\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba\">Benchmark Administration Services</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/libor\">ICE LIBOR</a></li><li><a href=\"/iba/ice-swap-rate\">ICE Swap Rate</a></li><li><a href=\"/iba/lbma-gold-price\">LBMA Gold Price</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div><div id=\"content-1500088264\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data/market-price-validation\">Market Price Validation</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088586\"><a class=\"media-promo hidden-xs\" href=\"/marketdata/reports\">\r\n <img class=\"media-object\" src=\"/publicdocs/cmsdata/ice/images/Promo_report_center_preview.jpg\" height=\"150px\">\r\n <p class=\"media-heading\">ICE Report Center</p>\r\n <p>Offering Reports across all ICE Exchanges and Products</p>\r\n</a></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500088260\"><p class=\"list-featured-header mobile-submenu-item\">Interested in Using Our Data?</p>\r\n<p><a href=\"/contact?form=services#directory\" class=\"btn btn-more\">Start Here</a></p></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088244\"><p class=\"list-featured-header mobile-submenu-item visible-xs\"><a href=\"/technology-and-services\">Overview</a></p></div><div id=\"content-1500088245\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/technology/pre-trade\">Pre-Trade</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/technology/instant-message\">Instant Messaging</a></li><li><a href=\"/technology/cscreen\">Cscreen</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091697\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/technology/trading-apps\">Trade</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/technology/ice-trading-platform\">ICE Trading Platform</a></li><li><a href=\"/technology/options-analytics\">Options Analytics</a></li><li><a href=\"/technology/ice-block\">ICE Block</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500086492\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/technology/post-trade\">Post Trade</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/technology/trade-vault\">Trade Vault</a></li><li><a href=\"/technology/econfirm\">eConfirm</a></li><li><a href=\"/technology/ice-link\">ICE Link</a></li><li><a href=\"https://www.superderivatives.com\">SuperDerivatives</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091606\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/technology/connectivity\">Ways to Connect</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/technology/direct-connection\">Connectivity & Colocation</a></li><li><a href=\"/technology/internet-connection\">Web & Mobile</a></li><li><a href=\"/technology/isv\">Independent Software Providers (ISV)</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500088243\"><p class=\"list-featured-header mobile-submenu-item\">Our Security Commitment</p>\r\n<ul class=\"list-inline list-featured hidden-xs\">\r\n <li><a href=\"/security\">Learn How We Protect Your Information</a></li>\r\n</ul></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088311\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba\">About IBA</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/licensing\">Licensing & Data</a></li><li><a href=\"/iba/market-status\">Market Status</a></li><li><a href=\"/iba/board-of-directors\">Board of Directors</a></li><li><a href=\"/iba/historical-data\">Historical Data</a></li><li><a href=\"/iba/holiday-calendars\">Holiday Calendar</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088312\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba/libor\">ICE LIBOR</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/libor#calculating\">Calculating ICE Libor</a></li><li><a href=\"/iba/libor#panel-composition\">Panel Composition</a></li><li><a href=\"/iba/libor#governance\">Governance & Oversight</a></li><li><a href=\"/iba/libor#fixing-calendar\">Non-Publication Days</a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500093233\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba/ice-swap-rate\">ICE Swap Rate</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/ice-swap-rate#accessing\">Accessing Rates</a></li><li><a href=\"/iba/ice-swap-rate#calculation\">Methodology</a></li><li><a href=\"/iba/ice-swap-rate#venues\">Venues</a></li><li><a href=\"/iba/ice-swap-rate#currencies-tenors\">Currencies, Tenors & Publication Times</a></li><li><a href=\"/iba/ice-swap-rate#governance\">Governance & Oversight</a></li><li><a href=\"/iba/ice-swap-rate#non-publication\">Non-Publication Days</a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500092153\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba/lbma-gold-price\">LBMA Gold Price</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/lbma-gold-price#methodology\">Methodology</a></li><li><a href=\"/iba/lbma-gold-price#technology\">Technology</a></li><li><a href=\"/iba/lbma-gold-price#auction-process\">Auction Process</a></li><li><a href=\"/iba/lbma-gold-price#participants\">Direct Participants</a></li><li><a href=\"/iba/lbma-gold-price#participation\">Client Participation</a></li><li><a href=\"/iba/lbma-gold-price#publication\">Publication</a></li><li><a href=\"/iba/lbma-gold-price#governance-oversight\">Governance & Oversight</a></li><li><a href=\"/iba/lbma-gold-price#non-publication-days\">Non-Publication Days</a></li><li><a href=\"\"></a></li></ul></div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500085149\"><p class=\"list-featured-header mobile-submenu-item spacer-sm\"><a href=\"/iba/contact\">Contact ICE Benchmark Administration</a></p></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088404\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/marketdata/reports\">See All Reports</a></p><ul class=\"list-featured hidden-xs\"></ul></div></div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500088403\"><p class=\"list-featured-header mobile-submenu-item\">Frequently Accessed Reports</p>\r\n<ul class=\"list-inline list-featured hidden-xs\">\r\n <li><a href=\"/marketdata/reports/10\">ICE Futures Europe End of Day</a></li>\r\n \r\n <li><a href=\"/marketdata/reports/122\">Commitments of Traders</a></li>\r\n <li><a href=\"/marketdata/reports/176\">Daily, MTD, QTD, YTD Volume & OI</a></li>\r\n <li><a href=\"/marketdata/reports/170\">ICE LIBOR Historical Rates</a></li>\r\n \r\n </ul></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088363\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"https://www.nyse.com/market-model\">NYSE Market Model</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"https://www.nyse.com/market-model/overview#dmms-2\">Designated Market Makers</a></li><li><a href=\"https://www.nyse.com/market-model/overview#floor-brokers\">Floor Brokers</a></li><li><a href=\"https://www.nyse.com/market-model/overview#slp\">Supplemental Liquidity Providers</a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088364\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"https://www.nyse.com/corporate-services\">NYSE Executive Solutions</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"https://www.nyse.com/corporate-services#investor-relations\">IR Tools</a></li><li><a href=\"https://www.nyse.com/corporate-services/nysegs\">Governance Services</a></li><li><a href=\"https://www.nyse.com/corporate-services/mac-desk\">Market Access Center</a></li><li><a href=\"https://www.nyse.com/corporate-services/bell-to-bell\">Bell-to-Bell Coverage</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088365\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"https://www.nyse.com/network\">NYSE Network</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"https://www.nyse.com/the-exchange\">Community</a></li><li><a href=\"https://www.nyse.com/global-visibility\">Global Visibility</a></li><li><a href=\"https://www.nyse.com/bell\">The Bell</a></li><li><a href=\"https://www.nyse.com/events\">Events</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500093002\"><div class=\"media-promo hidden-xs\">\r\n<img class=\"media-object\" src=\"/publicdocs/cmsdata/ice/images/floor.jpg\" style=\"width: 200px\" alt=\"\">\r\n </div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500085134\"><i class=\"logo-nyse\"></i>\r\n<p class=\"list-featured-header mobile-submenu-item\"><strong>Listings Resources</strong></p><a href=\"https://www.nyse.com/get-started\" 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class=\"hidden-xs\"><div></div></div>"]}); renderComponent('Search', '3.0.2', 'content-1500087915', {"frontend":"ice_frontend_html","xslt":"ice_frontend_html","collections":"theICE","classes":"typeahead-search typeahead-search-fullscreen","query":"","placeholder":"Search","minLength":"","mask":"on","emptyOnBlur":"on","elementId":"content-1500087915"}); renderComponent('WebsiteLogin', '1.0.10', 'content-3273ff19-b072-451e-9127-cff690722f2a', {"elementId":"content-3273ff19-b072-451e-9127-cff690722f2a"}); } function renderComponent(name, version, elementId, json) { if (document.getElementById(elementId)) { setTimeout(function() { new window.ICE.components[name + 'Component'][version](json); }); } } var readyPromise = new Promise(function(resolve) { if (document.readyState === 'complete') { return resolve(); } document.addEventListener('DOMContentLoaded', resolve); }); readyPromise.then(renderComponents, renderComponents); }()); </script><div class="container-fluid"><div id="content-8c8e2557-36d9-4471-b1f4-40579a17c19a"></div><div class="row"><div class="l-main true-grid-10"><div id="content-1500039604"><header class="page-header" data-reactid=".1d24gdc2zgg" data-react-checksum="1422869871"><div class="page-header-parent" data-reactid=".1d24gdc2zgg.0">ICE BENCHMARK ADMINISTRATION (IBA)</div><h1 data-reactid=".1d24gdc2zgg.1">LBMA GOLD PRICE</h1></header></div><div class="row"><div class="l-main-column true-grid-7"><div><div id="content-1500060889"><div data-reactid=".1rc47ibh0jk" data-react-checksum="-2094624102"><p data-reactid=".1rc47ibh0jk.0:$text-0-paragraph">ICE Benchmark Administration (IBA) is the administrator for the LBMA Gold Price which has replaced the London Gold Fix established in 1919. The LBMA Gold Price is published twice a day and provides a benchmark price that is widely used across the globe by participants such as producers, consumers, investors and central banks.</p></div></div><div id="content-1500087533"><div data-reactid=".1oc05ww035s" data-react-checksum="1207101527"><h3 class="secondary-header hide" data-reactid=".1oc05ww035s.0"></h3><p class="hide" data-reactid=".1oc05ww035s.1"></p><div class="column-list" data-reactid=".1oc05ww035s.2"><ul class="column-list-half link-list" data-reactid=".1oc05ww035s.2.$list-0"><li data-reactid=".1oc05ww035s.2.$list-0.$0"><a href="/web/20151004193533/https://www.theice.com/publicdocs/futures/IBA_Gold_Auction_Specification.pdf" target="_blank" data-reactid=".1oc05ww035s.2.$list-0.$0.0"><span data-reactid=".1oc05ww035s.2.$list-0.$0.0.0">IBA Gold Auction Specification</span></a></li><li data-reactid=".1oc05ww035s.2.$list-0.$1"><a href="/web/20151004193533/https://www.theice.com/publicdocs/IBA_Gold_Feedback_Statement.pdf" target="blank" data-reactid=".1oc05ww035s.2.$list-0.$1.0"><span data-reactid=".1oc05ww035s.2.$list-0.$1.0.0">LBMA Gold Price Consultation - Feedback Statement</span></a></li></ul><ul class="column-list-half link-list" data-reactid=".1oc05ww035s.2.$list-1"><li data-reactid=".1oc05ww035s.2.$list-1.$0"><a href="/web/20151004193533/https://www.theice.com/publicdocs/futures/IBA_Gold_Consultation_Paper.pdf" target="_blank" data-reactid=".1oc05ww035s.2.$list-1.$0.0"><span data-reactid=".1oc05ww035s.2.$list-1.$0.0.0">IBA Gold Consultation Paper</span></a></li><li data-reactid=".1oc05ww035s.2.$list-1.$1"><a href="/web/20151004193533/https://www.theice.com/publicdocs/futures/IBA_Gold_Consultation_Questionnaire.pdf" target="_blank" data-reactid=".1oc05ww035s.2.$list-1.$1.0"><span data-reactid=".1oc05ww035s.2.$list-1.$1.0.0">IBA Gold Consultation Questionnaire</span></a></li></ul></div><p class="hide" data-reactid=".1oc05ww035s.3"></p></div></div><div id="content-1500094014"><div data-reactid=".s746jys6ww" data-react-checksum="690216464"><p class="" data-reactid=".s746jys6ww.$0"><hr class="hr-dotted"></p><h2 class="secondary-header" data-reactid=".s746jys6ww.$1">Methodology</h2><p class="" data-reactid=".s746jys6ww.$2">Under the administration of IBA, the methodology underpinning the LBMA Gold Price is as follows:</p><p class="" data-reactid=".s746jys6ww.$3"><ul class="list"><li>An independently administrated and tradable auction process</li><li>Electronic and physically settled auction</li><li>Aggregated and anonymous bids and offers published on-screen and in real-time</li><li>Auction conducted in US Dollars</li></ul></p><p class="" data-reactid=".s746jys6ww.$4">The IBA auction process is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30am and 3:00pm London time. The round duration is regularly assessed for suitability and if it becomes necessary to adjust the duration, this will be advised to all direct participants.</p><p class="" data-reactid=".s746jys6ww.$5">The process has an independent chairperson, appointed by IBA to determine the price for each round and ensure that the price responds appropriately to market conditions.</p><p class="" data-reactid=".s746jys6ww.$6">The auction process provides a market-based platform for buyers and sellers to trade physical spot gold and the final auction price is used and published to the market as the LBMA Gold Price benchmark.</p><p class="" data-reactid=".s746jys6ww.$7"><hr class="hr-dotted"></p><h2 class="secondary-header" data-reactid=".s746jys6ww.$8">Technology</h2><p class="" data-reactid=".s746jys6ww.$9">The auction process is hosted on the WebICE platform which provides real-time order management, including direct order management on-screen, separation of house and client orders, live credit limit controls, full audit history, advanced Excel integration and automated notification of filled trades.</p><p class="" data-reactid=".s746jys6ww.$10"><hr class="hr-dotted"></p><h2 class="secondary-header" data-reactid=".s746jys6ww.$11">Auction Process</h2><p class="" data-reactid=".s746jys6ww.$12"><div class="column-list"><ol class="column-list-half"><li>The chairperson sets the starting price and the price for each round in line with current market conditions and the activity in the auction.</li><li>Participants enter buy / sell orders by volume (i.e. number of ounces). The price discovery process is in USD but participants may, if they wish, request to settle in different currencies.</li><li>Should the net volume of all participants fall within the pre-determined tolerance at the end of a round (i.e. the imbalance - currently set at 10,000 oz.), the auction will be complete, with all volume tradable at that price.</li><li>Netting of orders is processed automatically for participants with all house and client orders, plus any share of the imbalance, contributing to their final net volume. This net volume is then matched against other participants to produce trades with immediate trade confirmations.</li></ol><ul class="column-list-half list-unstyled"><li><img src="/web/20151004193533im_/https://www.theice.com/publicdocs/cmsdata/ice/images/LBMA_Gold_Price_Process.gif"></li></ul></div></p><p class="spacer-14"><br></p><h3 class="subheader" data-reactid=".s746jys6ww.$13">Handling the Imbalance</h3><p class="" data-reactid=".s746jys6ww.$14">An auction can conclude with up to a 10,000 ounce difference between the entered buying and selling interest. This is referred to as the imbalance. To ensure fairness this imbalance is shared out among the direct participants.</p><p class="" data-reactid=".s746jys6ww.$15">The imbalance is currently shared among all direct participants equally, irrespective of whether they entered interest into the auction or not. This is to ensure continuity of the existing process and ensure certainty of the imbalance for direct participants.</p><p class="" data-reactid=".s746jys6ww.$16">IBA intends to re-assess this rule with the view that, if the amount of participation is consistently high, we could relax this to a point where only those that have entered an order during the auction share in the imbalance.</p><h3 class="subheader" data-reactid=".s746jys6ww.$17">Chairperson</h3><p class="" data-reactid=".s746jys6ww.$18">The Chair is appointed by IBA and is independent of any firm associated with the auction, including direct participants. The Chair is externally sourced but works with the IBA team to deliver a robust process for determination of the LBMA Gold Price.</p><p class="" data-reactid=".s746jys6ww.$19">Both the initial and subsequent round prices are selected by the Chair using their extensive market experience and applied based on an agreed pricing framework.</p><p class="" data-reactid=".s746jys6ww.$20"><hr class="hr-dotted"></p><h2 class="secondary-header" data-reactid=".s746jys6ww.$21">Direct Participants</h2><p class="" data-reactid=".s746jys6ww.$22">To qualify as a Direct Participant, a firm must have the following:<ul class="list"><li>Ordinary Member accreditation from the LBMA</li><li>Individuals with appropriate experience, skill and training</li><li>Organisational and governance arrangements</li><li>Appropriate credit lines, or equivalent arrangements</li><li>Clearing/settlement arrangements with existing Direct Participants</li></ul></p><p class="" data-reactid=".s746jys6ww.$23">Please contact ICE Benchmark Administration for more information on becoming a participant: <a href="https://web.archive.org/web/20151004193533/mailto:iba@theice.com">iba@theice.com</a> or: +44 (0)20 7429 7100</p><p class="" data-reactid=".s746jys6ww.$24">The eleven direct participants are as follows:</p><p class="" data-reactid=".s746jys6ww.$25"><ul class="list"><li>Barclays</li><li>Bank of China</li><li>Goldman Sachs</li><li>HSBC Bank USA NA</li><li>JPMorgan Chase Bank, N.A. London Branch</li><li>Morgan Stanley</li><li>Societe Generale</li><li>The Bank of Nova Scotia - ScotiaMocatta</li><li>Toronto-Dominion Bank</li><li>Standard Chartered</li><li>UBS</li></ul></p><p class="" data-reactid=".s746jys6ww.$26"><hr class="hr-dotted"></p><h2 class="secondary-header" data-reactid=".s746jys6ww.$27">Client Participation</h2><p class="" data-reactid=".s746jys6ww.$28">WebICE allows participants to manage their orders in a number of ways:</p><p class="" data-reactid=".s746jys6ww.$29"><ul class="list"><li>Direct participants entering a single netted order — as is current practice. House and client orders can be combined into a single order per round</li><li>Direct participants entering a single netted order — as was the practice in the London Gold Fix, orders can be entered as separate orders, with comments in a notes field, to provide granularity and auditability within a single firm’s account</li><li>Clients managing their own orders, sponsored by a direct participant — direct participants can choose to provide WebICE screens to their clients, allowing them to enter orders directly into the auction (orders still route through their sponsor/direct participant). Clients have the same information (aggregate bids and offers) and the same ability to manage orders as everyone else with a screen. When client orders trade, their counterparty will always be their sponsoring direct participant. Clients do not share in the imbalance split.</li></ul></p><p class="" data-reactid=".s746jys6ww.$30">WebICE can be configured separately for each firm to either route all client orders through the proprietary desk, or to provide full segregation.</p><p class="" data-reactid=".s746jys6ww.$31">Providing WebICE screens to end user clients allows them to participate directly in the auction process with the same information and order management capability as direct participants.</p><p class="" data-reactid=".s746jys6ww.$32">This also simplifies separation of client and house orders by providing a full audit trail for all changes during the auction.</p><p class="" data-reactid=".s746jys6ww.$33"><hr class="hr-dotted"></p><h2 class="secondary-header" data-reactid=".s746jys6ww.$34">Publication</h2><p class="" data-reactid=".s746jys6ww.$35">Once the auction is concluded, the benchmark price is published.</p><p class="" data-reactid=".s746jys6ww.$36">During the auction IBA publishes auction details live to re-distributors, containing the starting price of each round as well as the final aggregate bid and offer volumes entered in that round.</p><p class="" data-reactid=".s746jys6ww.$37">At the end of the auction IBA publishes the final benchmark prices as well as an <a href="https://web.archive.org/web/20151004193533/https://www.theice.com/marketdata/reports/179" target="_blank">Auction Transparency Report</a> providing the aggregated details of each auction round. This data is available immediately after the auction on IBA's website.</p><p class="" data-reactid=".s746jys6ww.$38">Customers that aren’t direct participants in the gold auction but who wish to view the auction in real-time may request view-only access to WebICE. A monthly fee of $25 per user applies to this service. Customers that already have access to WebICE should submit a request through their WebICE administrator. Customers that do not already have access to WebICE should contact <a href="https://web.archive.org/web/20151004193533/mailto:data@theice.com">data@theice.com</a> to put the applicable WebICE agreement in place.</p><p class="" data-reactid=".s746jys6ww.$39"><hr class="hr-dotted"></p><h2 class="secondary-header" data-reactid=".s746jys6ww.$40">Governance & Oversight</h2><p class="" data-reactid=".s746jys6ww.$41">The Oversight Committee’s goal is to ensure the benchmark fulfils the needs of the market by evolving it based on market requirements and regulation. The Oversight Committee includes a diverse cross section of the market, including benchmark users, market infrastructure providers, direct participants, clients, and representation from IBA. Oversight Committee members are respected industry veterans that bring important product and market expertise to the governance process.</p><p class="" data-reactid=".s746jys6ww.$42">The Oversight Committee is responsible for overseeing the Code of Conduct (which submitters and direct participants commit to follow) and the rules and methodology surrounding the determination of the benchmark. The committee regularly reviews all aspects of the determination of the benchmark and oversees necessary changes in light of developments in regulation or market requirements. It will provide oversight for surveillance. In essence, the Committee will guide the evolution of the Code, rules and methodology to assure the benchmark’s continued integrity and long-term relevance.</p><p class="" data-reactid=".s746jys6ww.$43">The following are the current members of the Oversight Committee:</p></div></div><div id="content-1500084006"><div data-reactid=".qzv8t6sni8" data-react-checksum="1117499422"><div data-reactid=".qzv8t6sni8.2"><table class="table table-data undefined" data-reactid=".qzv8t6sni8.2.1"><thead data-reactid=".qzv8t6sni8.2.1.0"><tr data-reactid=".qzv8t6sni8.2.1.0.$0"><td class="" data-reactid=".qzv8t6sni8.2.1.0.$0.$0">NAME</td><td class="" data-reactid=".qzv8t6sni8.2.1.0.$0.$1">COMPANY</td><td class="" data-reactid=".qzv8t6sni8.2.1.0.$0.$2">COMMITTEE POSITION</td></tr></thead><tbody data-reactid=".qzv8t6sni8.2.1.1"><tr data-reactid=".qzv8t6sni8.2.1.1.$0"><td data-reactid=".qzv8t6sni8.2.1.1.$0.$0">Grant Angwin</td><td data-reactid=".qzv8t6sni8.2.1.1.$0.$1">Johnson Matthey Refining </td><td data-reactid=".qzv8t6sni8.2.1.1.$0.$2">Refining</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$1"><td data-reactid=".qzv8t6sni8.2.1.1.$1.$0">Michel Prada</td><td data-reactid=".qzv8t6sni8.2.1.1.$1.$1">IBA</td><td data-reactid=".qzv8t6sni8.2.1.1.$1.$2">Independent Non-Executive Director</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$2"><td data-reactid=".qzv8t6sni8.2.1.1.$2.$0">Tony Evanson</td><td data-reactid=".qzv8t6sni8.2.1.1.$2.$1">Brink’s Global Services</td><td data-reactid=".qzv8t6sni8.2.1.1.$2.$2">Bullion / Vault</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$3"><td data-reactid=".qzv8t6sni8.2.1.1.$3.$0">Rob Hayes</td><td data-reactid=".qzv8t6sni8.2.1.1.$3.$1">AngloGold Ashanti</td><td data-reactid=".qzv8t6sni8.2.1.1.$3.$2">Mining</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$4"><td data-reactid=".qzv8t6sni8.2.1.1.$4.$0">Finbarr Hutcheson</td><td data-reactid=".qzv8t6sni8.2.1.1.$4.$1">IBA</td><td data-reactid=".qzv8t6sni8.2.1.1.$4.$2">Administrator (Chairman)</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$5"><td data-reactid=".qzv8t6sni8.2.1.1.$5.$0">Sakhila Mirza</td><td data-reactid=".qzv8t6sni8.2.1.1.$5.$1">LBMA</td><td data-reactid=".qzv8t6sni8.2.1.1.$5.$2">Bullion Market</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$6"><td data-reactid=".qzv8t6sni8.2.1.1.$6.$0">Shekhar Bhandari</td><td data-reactid=".qzv8t6sni8.2.1.1.$6.$1">Kotak Mahindra Bank</td><td data-reactid=".qzv8t6sni8.2.1.1.$6.$2">Financial Intermediary</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$7"><td data-reactid=".qzv8t6sni8.2.1.1.$7.$0">Aram Shishmanian</td><td data-reactid=".qzv8t6sni8.2.1.1.$7.$1">World Gold Council</td><td data-reactid=".qzv8t6sni8.2.1.1.$7.$2">Mining</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$8"><td data-reactid=".qzv8t6sni8.2.1.1.$8.$0">Emma Vick</td><td data-reactid=".qzv8t6sni8.2.1.1.$8.$1">IBA</td><td data-reactid=".qzv8t6sni8.2.1.1.$8.$2">Administrator</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$9"><td data-reactid=".qzv8t6sni8.2.1.1.$9.$0">André Villeneuve</td><td data-reactid=".qzv8t6sni8.2.1.1.$9.$1">IBA</td><td data-reactid=".qzv8t6sni8.2.1.1.$9.$2">Independent Non-Executive Director</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$10"><td data-reactid=".qzv8t6sni8.2.1.1.$10.$0">Simon Weeks</td><td data-reactid=".qzv8t6sni8.2.1.1.$10.$1">Scotia Bank</td><td data-reactid=".qzv8t6sni8.2.1.1.$10.$2">Financial Intermediary</td></tr><tr data-reactid=".qzv8t6sni8.2.1.1.$11"><td data-reactid=".qzv8t6sni8.2.1.1.$11.$0">Tim Wood</td><td data-reactid=".qzv8t6sni8.2.1.1.$11.$1">Denver Gold Group</td><td data-reactid=".qzv8t6sni8.2.1.1.$11.$2">Mining</td></tr></tbody><tfoot data-reactid=".qzv8t6sni8.2.1.2"></tfoot></table></div><p data-reactid=".qzv8t6sni8.3">The inaugural meeting of the Oversight Committee was held on February 27, 2015. <ul class="link-list"> <li><a href="https://web.archive.org/web/20151004193533/https://www.theice.com/publicdocs/futures/LBMA_Gold_Price_Oversight_Committee_ToR.pdf" target="_blank">Gold Price Oversight Committee Terms of Reference</a></li> <li><a href="https://web.archive.org/web/20151004193533/https://www.theice.com/publicdocs/LBMA_Gold_Price_Code_of_Conduct.pdf" target="_blank">Gold Price Code of Conduct</a></li> </ul></p></div></div><div id="content-1500084003"><div data-reactid=".1t76w7duoe8" data-react-checksum="-285733862"><div class="" data-reactid=".1t76w7duoe8.0"><a id="governance-oversight" title="Oversight Committee Meeting Minutes" data-reactid=".1t76w7duoe8.0.0"></a><div class="hide" data-reactid=".1t76w7duoe8.0.1"></div><h3 class="collapsible-section-header" data-reactid=".1t76w7duoe8.0.2">Oversight Committee Meeting Minutes</h3><div class="collapsible-section-collapsed-content" data-reactid=".1t76w7duoe8.0.3"></div><div class="collapsible-section-expanded-content" data-reactid=".1t76w7duoe8.0.4"><div class="" data-reactid=".1t76w7duoe8.0.4.0"><ul class="link-list"> <li><a href="https://web.archive.org/web/20151004193533/https://www.theice.com/publicdocs/Gold_Price_Oversight_Committee_Minutes_20150227_REDACTED.pdf" target="_blank">Oversight Committee Meeting Minutes 27 February 2015</a></li> <li><a href="https://web.archive.org/web/20151004193533/https://www.theice.com/publicdocs/Gold_Price_Oversight_Committee_Minutes_20150331_REDACTED.pdf" target="_blank">Oversight Committee Meeting Minutes 31 March 2015</a></li> <li><a href="https://web.archive.org/web/20151004193533/https://www.theice.com/publicdocs/Gold_Price_Oversight_Committee_Minutes_REDACTED_20150601.pdf" target="_blank">Oversight Committee Meeting Minutes 01 June 2015</a></li> <li><a href="https://web.archive.org/web/20151004193533/https://www.theice.com/publicdocs/Gold_Price_Oversight_Committee_Minutes_REDACTED_20150629.pdf" target="_blank">Oversight Committee Meeting Minutes 29 June 2015</a></li> </ul></div><div class="dynamic-content has-loader is-loading hide" data-reactid=".1t76w7duoe8.0.4.1"></div><div class="has-loader is-loading hide" data-reactid=".1t76w7duoe8.0.4.2"></div></div></div></div></div><div id="content-1500093076"><div data-reactid=".28rovh1j0u8" data-react-checksum="-1645545291"><h2 class="secondary-header" data-reactid=".28rovh1j0u8.0">Non-Publication Days</h2><p data-reactid=".28rovh1j0u8.1">LBMA Gold Price is not published on certain days. The following table sets out the relevant holidays for each auction, and the specific days for each year are available on the <a href="https://web.archive.org/web/20151004193533/https://www.theice.com/iba/holiday-calendars" target="_blank"">Holiday Calendars</a> page. </p><h2 class="secondary-header">Holidays: For AM Auction</h2><p></p><div data-reactid=".28rovh1j0u8.2"><table class="table table-data undefined" data-reactid=".28rovh1j0u8.2.1"><thead data-reactid=".28rovh1j0u8.2.1.0"><tr data-reactid=".28rovh1j0u8.2.1.0.$0"><td class="" data-reactid=".28rovh1j0u8.2.1.0.$0.$0">HOLIDAY</td><td class="" data-reactid=".28rovh1j0u8.2.1.0.$0.$1">TYPE</td><td class="" data-reactid=".28rovh1j0u8.2.1.0.$0.$2">DEFINITION</td></tr></thead><tbody data-reactid=".28rovh1j0u8.2.1.1"><tr data-reactid=".28rovh1j0u8.2.1.1.$0"><td data-reactid=".28rovh1j0u8.2.1.1.$0.$0">New Year's Day Bank Holiday</td><td data-reactid=".28rovh1j0u8.2.1.1.$0.$1">Variable Date</td><td data-reactid=".28rovh1j0u8.2.1.1.$0.$2">1st Jan, or if that falls on a weekend, the next Monday</td></tr><tr data-reactid=".28rovh1j0u8.2.1.1.$1"><td data-reactid=".28rovh1j0u8.2.1.1.$1.$0">Good Friday</td><td data-reactid=".28rovh1j0u8.2.1.1.$1.$1">Variable Date</td><td data-reactid=".28rovh1j0u8.2.1.1.$1.$2">The Friday preceding Easter Sunday</td></tr><tr data-reactid=".28rovh1j0u8.2.1.1.$2"><td data-reactid=".28rovh1j0u8.2.1.1.$2.$0">Easter Monday</td><td data-reactid=".28rovh1j0u8.2.1.1.$2.$1">Variable Date</td><td data-reactid=".28rovh1j0u8.2.1.1.$2.$2">The Monday following Easter Sunday</td></tr><tr data-reactid=".28rovh1j0u8.2.1.1.$3"><td data-reactid=".28rovh1j0u8.2.1.1.$3.$0">Early May Bank Holiday</td><td data-reactid=".28rovh1j0u8.2.1.1.$3.$1">Variable Date</td><td data-reactid=".28rovh1j0u8.2.1.1.$3.$2">The first Monday in May</td></tr><tr data-reactid=".28rovh1j0u8.2.1.1.$4"><td data-reactid=".28rovh1j0u8.2.1.1.$4.$0">Spring Bank Holiday / Memorial Day</td><td data-reactid=".28rovh1j0u8.2.1.1.$4.$1">Variable Date</td><td data-reactid=".28rovh1j0u8.2.1.1.$4.$2">The last Monday in May</td></tr><tr data-reactid=".28rovh1j0u8.2.1.1.$5"><td data-reactid=".28rovh1j0u8.2.1.1.$5.$0">Summer Bank Holiday</td><td data-reactid=".28rovh1j0u8.2.1.1.$5.$1">Variable Date</td><td data-reactid=".28rovh1j0u8.2.1.1.$5.$2">The last Monday in August</td></tr><tr data-reactid=".28rovh1j0u8.2.1.1.$6"><td data-reactid=".28rovh1j0u8.2.1.1.$6.$0">Christmas Bank Holiday</td><td data-reactid=".28rovh1j0u8.2.1.1.$6.$1">Variable Date</td><td data-reactid=".28rovh1j0u8.2.1.1.$6.$2">25th December, or, if that falls on a weekend, the next Monday</td></tr><tr data-reactid=".28rovh1j0u8.2.1.1.$7"><td data-reactid=".28rovh1j0u8.2.1.1.$7.$0">Boxing Day Bank Holiday</td><td data-reactid=".28rovh1j0u8.2.1.1.$7.$1">Variable Date</td><td data-reactid=".28rovh1j0u8.2.1.1.$7.$2">26th December, or, if that falls on a weekend, the next business day after Christmas Bank Holiday</td></tr></tbody><tfoot data-reactid=".28rovh1j0u8.2.1.2"></tfoot></table></div><p data-reactid=".28rovh1j0u8.3"><hr class="hr-dotted"></p></div></div><div id="content-1500092296"><div data-reactid=".8vcjpt97nk" data-react-checksum="1402877115"><h2 class="secondary-header" data-reactid=".8vcjpt97nk.0">Holidays: For PM Auction</h2><div data-reactid=".8vcjpt97nk.2"><table class="table table-data undefined" data-reactid=".8vcjpt97nk.2.1"><thead data-reactid=".8vcjpt97nk.2.1.0"><tr data-reactid=".8vcjpt97nk.2.1.0.$0"><td class="" data-reactid=".8vcjpt97nk.2.1.0.$0.$0">HOLIDAY</td><td class="" data-reactid=".8vcjpt97nk.2.1.0.$0.$1">TYPE</td><td class="" data-reactid=".8vcjpt97nk.2.1.0.$0.$2">DEFINITION</td></tr></thead><tbody data-reactid=".8vcjpt97nk.2.1.1"><tr data-reactid=".8vcjpt97nk.2.1.1.$0"><td data-reactid=".8vcjpt97nk.2.1.1.$0.$0">New Year’s Day Bank Holiday</td><td data-reactid=".8vcjpt97nk.2.1.1.$0.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$0.$2">1st Jan, or if that falls on a weekend, the next Monday</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$1"><td data-reactid=".8vcjpt97nk.2.1.1.$1.$0">Good Friday</td><td data-reactid=".8vcjpt97nk.2.1.1.$1.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$1.$2">The Friday preceding Easter Sunday</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$2"><td data-reactid=".8vcjpt97nk.2.1.1.$2.$0">Easter Monday</td><td data-reactid=".8vcjpt97nk.2.1.1.$2.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$2.$2">The Monday following Easter Sunday</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$3"><td data-reactid=".8vcjpt97nk.2.1.1.$3.$0">Early May Bank Holiday</td><td data-reactid=".8vcjpt97nk.2.1.1.$3.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$3.$2">The first Monday in May</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$4"><td data-reactid=".8vcjpt97nk.2.1.1.$4.$0">Spring Bank Holiday / Memorial Day</td><td data-reactid=".8vcjpt97nk.2.1.1.$4.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$4.$2">The last Monday in May</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$5"><td data-reactid=".8vcjpt97nk.2.1.1.$5.$0">Summer Bank Holiday</td><td data-reactid=".8vcjpt97nk.2.1.1.$5.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$5.$2">The last Monday in August</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$6"><td data-reactid=".8vcjpt97nk.2.1.1.$6.$0">Christmas Eve</td><td data-reactid=".8vcjpt97nk.2.1.1.$6.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$6.$2">When 24th December is a business day; if not, the business day immediately preceding the 24th December</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$7"><td data-reactid=".8vcjpt97nk.2.1.1.$7.$0">Christmas Bank Holiday</td><td data-reactid=".8vcjpt97nk.2.1.1.$7.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$7.$2">25th December, or, if that falls on a weekend, the next Monday</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$8"><td data-reactid=".8vcjpt97nk.2.1.1.$8.$0">Christmas Bank Holiday</td><td data-reactid=".8vcjpt97nk.2.1.1.$8.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$8.$2">26th December, or, if that falls on a weekend, the next business day after Christmas Bank Holiday</td></tr><tr data-reactid=".8vcjpt97nk.2.1.1.$9"><td data-reactid=".8vcjpt97nk.2.1.1.$9.$0">New Year’s Eve</td><td data-reactid=".8vcjpt97nk.2.1.1.$9.$1">Variable Date</td><td data-reactid=".8vcjpt97nk.2.1.1.$9.$2">When 31st December is a business day; if not, the business day immediately preceding the 31th December</td></tr></tbody><tfoot data-reactid=".8vcjpt97nk.2.1.2"></tfoot></table></div></div></div></div></div><div class="true-grid-2 true-grid-offset-1"><div id="content-1500065311"><div data-reactid=".2f4d8tkz8xs" data-react-checksum="-986640015"><div><div id="content-1500065279"><div class="l-sidebar affix-top" data-reactid=".156hrygcy68" data-react-checksum="-2037228345"><ul class="nav nav-sidenav has-loader" 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(IBA)","elementId":"content-1500039604"}); renderComponent('Partial', '3.0.0', 'content-1500065311', {"partialPageName":"Side Nav IBA","partialPageURL":"/side-nav/iba","elementId":"content-1500065311"}); renderComponent('Text', '3.0.1', 'content-1500060889', {"sections":[{"text":"ICE Benchmark Administration (IBA) is the administrator for the LBMA Gold Price which has replaced the London Gold Fix established in 1919. The LBMA Gold Price is published twice a day and provides a benchmark price that is widely used across the globe by participants such as producers, consumers, investors and central banks."}],"elementId":"content-1500060889"}); renderComponent('TextHeaderWithList', '3.0.2', 'content-1500087533', {"header":"","content":"","footer":"","lists":[{"type":"links","items":[{"type":"link","quicklink-name":"","quicklink-id":"","text":"IBA Gold Auction Specification","link":{"href":"/publicdocs/futures/IBA_Gold_Auction_Specification.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"LBMA Gold Price Consultation - Feedback Statement","link":{"href":"/publicdocs/IBA_Gold_Feedback_Statement.pdf","className":"","title":"","id":"","rel":"","target":"blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}}]},{"type":"links","items":[{"type":"link","quicklink-name":"","quicklink-id":"","text":"IBA Gold Consultation Paper","link":{"href":"/publicdocs/futures/IBA_Gold_Consultation_Paper.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"IBA Gold Consultation Questionnaire","link":{"href":"/publicdocs/futures/IBA_Gold_Consultation_Questionnaire.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}}]}],"elementId":"content-1500087533"}); renderComponent('TextParagraphs', '4.0.2', 'content-1500094014', {"sections":[{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""},{"type":"header","content":"Methodology","className":"secondary-header"},{"type":"paragraph","content":"Under the administration of IBA, the methodology underpinning the LBMA Gold Price is as follows:","className":""},{"type":"paragraph","content":"<ul class=\"list\"><li>An independently administrated and tradable auction process</li><li>Electronic and physically settled auction</li><li>Aggregated and anonymous bids and offers published on-screen and in real-time</li><li>Auction conducted in US Dollars</li></ul>","className":""},{"type":"paragraph","content":"The IBA auction process is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30am and 3:00pm London time. The round duration is regularly assessed for suitability and if it becomes necessary to adjust the duration, this will be advised to all direct participants.","className":""},{"type":"paragraph","content":"The process has an independent chairperson, appointed by IBA to determine the price for each round and ensure that the price responds appropriately to market conditions.","className":""},{"type":"paragraph","content":"The auction process provides a market-based platform for buyers and sellers to trade physical spot gold and the final auction price is used and published to the market as the LBMA Gold Price benchmark.","className":""},{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""},{"type":"header","content":"Technology","className":"secondary-header"},{"type":"paragraph","content":"The auction process is hosted on the WebICE platform which provides real-time order management, including direct order management on-screen, separation of house and client orders, live credit limit controls, full audit history, advanced Excel integration and automated notification of filled trades.","className":""},{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""},{"type":"header","content":"Auction Process","className":"secondary-header"},{"type":"paragraph","content":"<div class=\"column-list\"><ol class=\"column-list-half\"><li>The chairperson sets the starting price and the price for each round in line with current market conditions and the activity in the auction.</li><li>Participants enter buy / sell orders by volume (i.e. number of ounces). The price discovery process is in USD but participants may, if they wish, request to settle in different currencies.</li><li>Should the net volume of all participants fall within the pre-determined tolerance at the end of a round (i.e. the imbalance - currently set at 10,000 oz.), the auction will be complete, with all volume tradable at that price.</li><li>Netting of orders is processed automatically for participants with all house and client orders, plus any share of the imbalance, contributing to their final net volume. This net volume is then matched against other participants to produce trades with immediate trade confirmations.</li></ol><ul class=\"column-list-half list-unstyled\"><li><img src=\"/publicdocs/cmsdata/ice/images/LBMA_Gold_Price_Process.gif\"></li></ul></div><p class=\"spacer-14\"><br>","className":""},{"type":"subheader","content":"Handling the Imbalance","className":"subheader"},{"type":"paragraph","content":"An auction can conclude with up to a 10,000 ounce difference between the entered buying and selling interest. This is referred to as the imbalance. To ensure fairness this imbalance is shared out among the direct participants.","className":""},{"type":"paragraph","content":"The imbalance is currently shared among all direct participants equally, irrespective of whether they entered interest into the auction or not. This is to ensure continuity of the existing process and ensure certainty of the imbalance for direct participants.","className":""},{"type":"paragraph","content":"IBA intends to re-assess this rule with the view that, if the amount of participation is consistently high, we could relax this to a point where only those that have entered an order during the auction share in the imbalance.","className":""},{"type":"subheader","content":"Chairperson","className":"subheader"},{"type":"paragraph","content":"The Chair is appointed by IBA and is independent of any firm associated with the auction, including direct participants. The Chair is externally sourced but works with the IBA team to deliver a robust process for determination of the LBMA Gold Price.","className":""},{"type":"paragraph","content":"Both the initial and subsequent round prices are selected by the Chair using their extensive market experience and applied based on an agreed pricing framework.","className":""},{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""},{"type":"header","content":"Direct Participants","className":"secondary-header"},{"type":"paragraph","content":"To qualify as a Direct Participant, a firm must have the following:<ul class=\"list\"><li>Ordinary Member accreditation from the LBMA</li><li>Individuals with appropriate experience, skill and training</li><li>Organisational and governance arrangements</li><li>Appropriate credit lines, or equivalent arrangements</li><li>Clearing/settlement arrangements with existing Direct Participants</li></ul>","className":""},{"type":"paragraph","content":"Please contact ICE Benchmark Administration for more information on becoming a participant: <a href=\"mailto:iba@theice.com\">iba@theice.com</a> or: +44 (0)20 7429 7100","className":""},{"type":"paragraph","content":"The eleven direct participants are as follows:","className":""},{"type":"paragraph","content":"<ul class=\"list\"><li>Barclays</li><li>Bank of China</li><li>Goldman Sachs</li><li>HSBC Bank USA NA</li><li>JPMorgan Chase Bank, N.A. London Branch</li><li>Morgan Stanley</li><li>Societe Generale</li><li>The Bank of Nova Scotia - ScotiaMocatta</li><li>Toronto-Dominion Bank</li><li>Standard Chartered</li><li>UBS</li></ul>","className":""},{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""},{"type":"header","content":"Client Participation","className":"secondary-header"},{"type":"paragraph","content":"WebICE allows participants to manage their orders in a number of ways:","className":""},{"type":"paragraph","content":"<ul class=\"list\"><li>Direct participants entering a single netted order — as is current practice. House and client orders can be combined into a single order per round</li><li>Direct participants entering a single netted order — as was the practice in the London Gold Fix, orders can be entered as separate orders, with comments in a notes field, to provide granularity and auditability within a single firm’s account</li><li>Clients managing their own orders, sponsored by a direct participant — direct participants can choose to provide WebICE screens to their clients, allowing them to enter orders directly into the auction (orders still route through their sponsor/direct participant). Clients have the same information (aggregate bids and offers) and the same ability to manage orders as everyone else with a screen. When client orders trade, their counterparty will always be their sponsoring direct participant. Clients do not share in the imbalance split.</li></ul>","className":""},{"type":"paragraph","content":"WebICE can be configured separately for each firm to either route all client orders through the proprietary desk, or to provide full segregation.","className":""},{"type":"paragraph","content":"Providing WebICE screens to end user clients allows them to participate directly in the auction process with the same information and order management capability as direct participants.","className":""},{"type":"paragraph","content":"This also simplifies separation of client and house orders by providing a full audit trail for all changes during the auction.","className":""},{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""},{"type":"header","content":"Publication","className":"secondary-header"},{"type":"paragraph","content":"Once the auction is concluded, the benchmark price is published.","className":""},{"type":"paragraph","content":"During the auction IBA publishes auction details live to re-distributors, containing the starting price of each round as well as the final aggregate bid and offer volumes entered in that round.","className":""},{"type":"paragraph","content":"At the end of the auction IBA publishes the final benchmark prices as well as an <a href=\"https://www.theice.com/marketdata/reports/179\" target=\"_blank\">Auction Transparency Report</a> providing the aggregated details of each auction round. This data is available immediately after the auction on IBA's website.","className":""},{"type":"paragraph","content":"Customers that aren’t direct participants in the gold auction but who wish to view the auction in real-time may request view-only access to WebICE. A monthly fee of $25 per user applies to this service. Customers that already have access to WebICE should submit a request through their WebICE administrator. Customers that do not already have access to WebICE should contact <a href=\"mailto:data@theice.com\">data@theice.com</a> to put the applicable WebICE agreement in place.","className":""},{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""},{"type":"header","content":"Governance & Oversight","className":"secondary-header"},{"type":"paragraph","content":"The Oversight Committee’s goal is to ensure the benchmark fulfils the needs of the market by evolving it based on market requirements and regulation. The Oversight Committee includes a diverse cross section of the market, including benchmark users, market infrastructure providers, direct participants, clients, and representation from IBA. Oversight Committee members are respected industry veterans that bring important product and market expertise to the governance process.","className":""},{"type":"paragraph","content":"The Oversight Committee is responsible for overseeing the Code of Conduct (which submitters and direct participants commit to follow) and the rules and methodology surrounding the determination of the benchmark. The committee regularly reviews all aspects of the determination of the benchmark and oversees necessary changes in light of developments in regulation or market requirements. It will provide oversight for surveillance. In essence, the Committee will guide the evolution of the Code, rules and methodology to assure the benchmark’s continued integrity and long-term relevance.","className":""},{"type":"paragraph","content":"The following are the current members of the Oversight Committee:","className":""}],"elementId":"content-1500094014"}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500084006', {"header":"","topParagraph":"","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"NAME\"},{\"content\":\"COMPANY\"},{\"content\":\"COMMITTEE POSITION\"}]}],\"body\":[{\"cells\":[{\"content\":\"Grant Angwin\"},{\"content\":\"Johnson Matthey Refining\\t\"},{\"content\":\"Refining\"}]},{\"cells\":[{\"content\":\"Shekhar Bhandari\"},{\"content\":\"Kotak Mahindra Bank\"},{\"content\":\"Financial Intermediary\"}]},{\"cells\":[{\"content\":\"Tony Evanson\"},{\"content\":\"Brink’s Global Services\"},{\"content\":\"Bullion / Vault\"}]},{\"cells\":[{\"content\":\"Rob Hayes\"},{\"content\":\"AngloGold Ashanti\"},{\"content\":\"Mining\"}]},{\"cells\":[{\"content\":\"Finbarr Hutcheson\"},{\"content\":\"IBA\"},{\"content\":\"Administrator (Chairman)\"}]},{\"cells\":[{\"content\":\"Sakhila Mirza\"},{\"content\":\"LBMA\"},{\"content\":\"Bullion Market\"}]},{\"cells\":[{\"content\":\"Michel Prada\"},{\"content\":\"IBA\"},{\"content\":\"Independent Non-Executive Director\"}]},{\"cells\":[{\"content\":\"Aram Shishmanian\"},{\"content\":\"World Gold Council\"},{\"content\":\"Mining\"}]},{\"cells\":[{\"content\":\"Emma Vick\"},{\"content\":\"IBA\"},{\"content\":\"Administrator\"}]},{\"cells\":[{\"content\":\"André Villeneuve\"},{\"content\":\"IBA\"},{\"content\":\"Independent Non-Executive Director\"}]},{\"cells\":[{\"content\":\"Simon Weeks\"},{\"content\":\"Scotia Bank\"},{\"content\":\"Financial Intermediary\"}]},{\"cells\":[{\"content\":\"Tim Wood\"},{\"content\":\"Denver Gold Group\"},{\"content\":\"Mining\"}]}],\"foot\":[]}","bottomParagraph":"The inaugural meeting of the Oversight Committee was held on February 27, 2015.\r\n<ul class=\"link-list\">\r\n <li><a href=\"https://www.theice.com/publicdocs/futures/LBMA_Gold_Price_Oversight_Committee_ToR.pdf\" target=\"_blank\">Gold Price Oversight Committee Terms of Reference</a></li>\r\n <li><a href=\"https://www.theice.com/publicdocs/LBMA_Gold_Price_Code_of_Conduct.pdf\" target=\"_blank\">Gold Price Code of Conduct</a></li>\r\n</ul>","elementId":"content-1500084006"}); renderComponent('CollapsibleSection', '4.1.4', 'content-1500084003', {"hash":"governance-oversight","header":"Oversight Committee Meeting Minutes","collapsedSectionText":"","expandedSectionText":"<ul class=\"link-list\">\r\n <li><a href=\"https://www.theice.com/publicdocs/Gold_Price_Oversight_Committee_Minutes_20150227_REDACTED.pdf\" target=\"_blank\">Oversight Committee Meeting Minutes 27 February 2015</a></li>\r\n <li><a href=\"https://www.theice.com/publicdocs/Gold_Price_Oversight_Committee_Minutes_20150331_REDACTED.pdf\" target=\"_blank\">Oversight Committee Meeting Minutes 31 March 2015</a></li>\r\n <li><a href=\"https://www.theice.com/publicdocs/Gold_Price_Oversight_Committee_Minutes_REDACTED_20150601.pdf\" target=\"_blank\">Oversight Committee Meeting Minutes 01 June 2015</a></li>\r\n <li><a href=\"https://www.theice.com/publicdocs/Gold_Price_Oversight_Committee_Minutes_REDACTED_20150629.pdf\" target=\"_blank\">Oversight Committee Meeting Minutes 29 June 2015</a></li>\r\n</ul>","ajaxUrl":"","partialPageName":"","partialPageURL":"","elementId":"content-1500084003","initialData":{"partialContent":""}}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500093076', {"header":"Non-Publication Days","topParagraph":"LBMA Gold Price is not published on certain days. The following table sets out the relevant holidays for each auction, and the specific days for each year are available on the <a href=\"https://www.theice.com/iba/holiday-calendars\" target=_blank\">Holiday Calendars</a> page.\r\n\r\n<h2 class=\"secondary-header\">Holidays: For AM Auction</h2>","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"HOLIDAY\"},{\"content\":\"TYPE\"},{\"content\":\"DEFINITION\"}]}],\"body\":[{\"cells\":[{\"content\":\"New Year's Day Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"1st Jan, or if that falls on a weekend, the next Monday\"}]},{\"cells\":[{\"content\":\"Good Friday\"},{\"content\":\"Variable Date\"},{\"content\":\"The Friday preceding Easter Sunday\"}]},{\"cells\":[{\"content\":\"Easter Monday\"},{\"content\":\"Variable Date\"},{\"content\":\"The Monday following Easter Sunday\"}]},{\"cells\":[{\"content\":\"Early May Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"The first Monday in May\"}]},{\"cells\":[{\"content\":\"Spring Bank Holiday / Memorial Day\"},{\"content\":\"Variable Date\"},{\"content\":\"The last Monday in May\"}]},{\"cells\":[{\"content\":\"Summer Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"The last Monday in August\"}]},{\"cells\":[{\"content\":\"Christmas Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"25th December, or, if that falls on a weekend, the next Monday\"}]},{\"cells\":[{\"content\":\"Boxing Day Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"26th December, or, if that falls on a weekend, the next business day after Christmas Bank Holiday\"}]}],\"foot\":[]}","bottomParagraph":"<hr class=\"hr-dotted\">","elementId":"content-1500093076"}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500092296', {"header":"Holidays: For PM Auction","topParagraph":"","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"HOLIDAY\"},{\"content\":\"TYPE\"},{\"content\":\"DEFINITION\"}]}],\"body\":[{\"cells\":[{\"content\":\"New Year’s Day Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"1st Jan, or if that falls on a weekend, the next Monday\"}]},{\"cells\":[{\"content\":\"Good Friday\"},{\"content\":\"Variable Date\"},{\"content\":\"The Friday preceding Easter Sunday\"}]},{\"cells\":[{\"content\":\"Easter Monday\"},{\"content\":\"Variable Date\"},{\"content\":\"The Monday following Easter Sunday\"}]},{\"cells\":[{\"content\":\"Early May Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"The first Monday in May\"}]},{\"cells\":[{\"content\":\"Spring Bank Holiday / Memorial Day\"},{\"content\":\"Variable Date\"},{\"content\":\"The last Monday in May\"}]},{\"cells\":[{\"content\":\"Summer Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"The last Monday in August\"}]},{\"cells\":[{\"content\":\"Christmas Eve\"},{\"content\":\"Variable Date\"},{\"content\":\"When 24th December is a business day; if not, the business day immediately preceding the 24th December\"}]},{\"cells\":[{\"content\":\"Christmas Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"25th December, or, if that falls on a weekend, the next Monday\"}]},{\"cells\":[{\"content\":\"Christmas Bank Holiday\"},{\"content\":\"Variable Date\"},{\"content\":\"26th December, or, if that falls on a weekend, the next business day after Christmas Bank Holiday\"}]},{\"cells\":[{\"content\":\"New Year’s Eve\"},{\"content\":\"Variable Date\"},{\"content\":\"When 31st December is a business day; if not, the business day immediately preceding the 31th December\"}]}],\"foot\":[]}","bottomParagraph":"","elementId":"content-1500092296"}); } function renderComponent(name, version, elementId, json) { if (document.getElementById(elementId)) { setTimeout(function() { new window.ICE.components[name + 'Component'][version](json); }); } } var readyPromise = new Promise(function(resolve) { if (document.readyState === 'complete') { return resolve(); 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