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			ETFS Silver Trust - 8-k October 2017
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			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">UNITED STATES</font>
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			<font style="display: inline;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-weight:bold;">CURRENT REPORT</font>
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			<font style="display: inline;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font>
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			<font style="display: inline;font-weight:bold;">Date of Report (Date of earliest event reported): </font><font style="display: inline;font-weight:bold;">Octo</font><font style="display: inline;font-weight:bold;">ber 2</font><font style="display: inline;font-weight:bold;">, 2017</font>
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			<font style="display: inline;font-weight:bold;font-size:18pt;text-decoration:underline;">ETFS SILVER TRUST</font>
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			<font style="display: inline;">(Exact name of registrant as specified in its charter)</font>
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						<font style="display: inline;">New York</font></p>
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						<font style="display: inline;font-size:11pt;">(IRS Employer Identification No.)</font></p>
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						<font style="display: inline;">c/o ETF Securities USA LLC</font></p>
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						<font style="display: inline;">405 Lexington Avenue</font></p>
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						<font style="display: inline;">New York, NY</font></p>
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						<font style="display: inline;font-size:11pt;">(Zip Code)</font></p>
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						<font style="display: inline;">646-846-3130</font></p>
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						<font style="display: inline;font-size:11pt;">(Registrant&#x2019;s telephone number, including area code)</font></p>
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						<font style="display: inline;">N/A</font></p>
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						<font style="display: inline;font-size:11pt;">(Former name or former address, if changed since last report)</font></p>
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			<font style="display: inline;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </font>
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			<font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-size:11pt;">&#x2610;</font><font style="display: inline;font-family:Wingdings 2;font-size:11pt;font-family:Wingdings 2;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:11pt;"></font><font style="display: inline;font-size:11pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
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			<font style="display: inline;font-size:11pt;">&#x2610;</font><font style="display: inline;font-family:Wingdings 2;font-size:11pt;font-family:Wingdings 2;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:11pt;"></font><font style="display: inline;font-size:11pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">&#x2610;</font><font style="display: inline;font-family:Wingdings 2;font-size:11pt;font-family:Wingdings 2;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:11pt;"></font><font style="display: inline;font-size:11pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
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			<font style="display: inline;font-size:11pt;">&nbsp;</font><font style="display: inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:11pt;"></font><font style="display: inline;font-size:11pt;"></font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">&#x2610;</font><font style="display: inline;font-family:Wingdings 2;font-size:11pt;font-family:Wingdings 2;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:11pt;"></font><font style="display: inline;font-size:11pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#xA7; 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#xA7; 240.12b-2).</font>
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			<font style="display: inline;">Emerging growth company</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-size:11pt;">&#x2610;</font>
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			<font style="display: inline;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act</font><font style="display: inline;">.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">&#x2610;</font>
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			<font style="display: inline;font-weight:bold;">Item 8.01 </font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;">Other Events.</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">On July 14, 2017, the LBMA announced that </font><font style="display: inline;">ICE Benchmark Administration (&#x201C;IBA&#x201D;)</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;">has been selected to be the third-party administrator for the &#x201C;LBMA Silver Price.&#x201D; IBA will provide the auction platform and methodology as well as the overall administration and governance for the LBMA Silver Price benchmark.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Effective from October 2, 2017, IBA will take over the administration of the LBMA Silver Price and operation of the underlying auction and will utilize similar procedures for the LBMA Silver Price to those it utilizes in connection with its administration of the LBMA Gold Price.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">The IBA&#x2019;s LBMA</font><font style="display: inline;"> Silver Price auction specifications will be similar to those for the previous LBMA Silver Price auction </font><font style="display: inline;">administered by CME Group, Inc. and Thomson Reuters</font><font style="display: inline;">, except as set out below:</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Maximum Emergency Imbalance Threshold:&nbsp; </font><font style="display: inline;color:#000000;">This will be set at 1,000,000 oz.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Imbalance Allocation:&nbsp; </font><font style="display: inline;color:#000000;">This will be shared by all direct participants.</font><font style="display: inline;font-style:italic;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Minimum No. of Participants:&nbsp; </font><font style="display: inline;color:#000000;">This is being introduced and set at 3.</font><font style="display: inline;font-style:italic;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Technology Platform:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from the CME Platform to WebICE.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Orders Expressed In:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from Lakhs to Troy oz.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Maximum Total Position Size:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from 50 Lakhs to being set individually by clearing limits between each clearing firm and its direct participants.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Maximum Single Order Size:&nbsp; </font><font style="display: inline;color:#000000;">This is being introduced at</font><font style="display: inline;font-style:italic;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">1,000,000 oz.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Minimum Allowable Price Move:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from </font><font style="display: inline;color:#000000;">US Dollars (&#x201C;</font><font style="display: inline;color:#000000;">USD</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;"> 0.005 to USD 0.001.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">LBMA Silver Prices expressed per: </font><font style="display: inline;color:#000000;">This is being changed from Troy oz. to Troy oz. and gram.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Number of Decimals of Published Prices:&nbsp; </font><font style="display: inline;color:#000000;">This remains at 3 decimal places for USD, but will be changed from 4 decimal places to 2 decimal places for all other currencies.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
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		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-style:italic;color:#000000;">Publication Currencies:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from USD, </font><font style="display: inline;color:#000000;">Euros</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">British Pounds</font><font style="display: inline;color:#000000;"> to </font><font style="display: inline;color:#000000;">Australian Dollars, </font><font style="display: inline;color:#000000;">British Pounds</font><font style="display: inline;color:#000000;">, Canadian Dollars, </font><font style="display: inline;color:#000000;">Euros</font><font style="display: inline;color:#000000;">, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> Turkish Lira</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">and USD </font><font style="display: inline;color:#000000;">(although the price will still be set in USD).</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">ETF Securities USA, LLC, the Sponsor of </font><font style="display: inline;color:#000000;">ETFS Silver </font><font style="display: inline;color:#000000;">Trust</font><font style="display: inline;color:#000000;"> (the &#x201C;Trust&#x201D;)</font><font style="display: inline;color:#000000;">, understands that the above changes are being made to further enhance and develop the LBMA Silver Price and that </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">IBA will utilize similar procedures for the LBMA Silver Price to those it utilizes in connection with its administration of the LBMA PM Gold Price.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Below is a summary of the IBA auction process which will apply effective from October 2, 2017:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">On July 14, 2017, the LBMA announced that </font><font style="display: inline;">IBA</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;">had been selected to be the third-party administrator for the &#x201C;LBMA Silver Price&#x201D;. Effective from October 2, IBA will provide the auction platform and methodology as well as the overall administration and governance for the LBMA Silver Price benchmark. IBA will operate an &#x201C;equilibrium </font><font style="display: inline;">auction&#x201D;, which is an electronic, tradable and auditable, over-the-counter auction for LBMA-authorized participating silver bullion banks or market makers and sponsored clients of direct participants (&#x201C;silver participants&#x201D;) that establishes a reference silver price for that day&#x2019;s trading, often referred to as the &#x201C;LBMA Silver Price&#x201D;. The LBMA Silver Price equilibrium auction operated by CME Group Inc. and Thomson Reuters prior to October 2, 2017 was selected by the LBMA as the silver valuation replacement for the London silver fix previously determined by the London Silver Market Fixing Ltd. that was discontinued on August 14, 2014. The LBMA Silver Price has become a widely used benchmark for daily silver prices and is quoted by various financial information sources as the London silver fix was previously.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">The LBMA Silver Price is the result of an &#x201C;equilibrium auction&#x201D; because it establishes a price for a troy ounce of Silver Good Delivery Bars that will clear the maximum amount of bids and offers for silver entered by order-submitting silver participants each day. IBA will use ICE&#x2019;s front-end system, WebICE, as the technology platform that will allow direct participants, as well as sponsored clients of direct participants, to manage their orders in the auction in real time via their own desktops. As the IBA electronic silver auction market develops, IBA expects to admit additional silver participants to the order submission process. The benchmark is published when the auction finishes, typically a few minutes after 12</font><font style="display: inline;">:00 noon</font><font style="display: inline;"> (London time). </font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">At the opening of each auction, IBA in the role of auction chairman (&#x201C;Chairman&#x201D;) will announce an opening price (in USD), that takes into account current market conditions and begin auction rounds, with an expected duration of at least every 30 seconds each. During each auction round, participants may enter the volume they wish to buy or sell at that price, and such orders will be part of the price formation. Aggregate bid and offer volume will be shown live on WebICE. At the end of each auction round, the total net volume will be calculated. If this </font><font style="display: inline;">&#x201C;</font><font style="display: inline;">imbalance</font><font style="display: inline;">&#x201D;</font><font style="display: inline;"> is larger than the imbalance tolerance (currently set at 500,000 oz.) then a new price will be set by the Chairman (based on the current market conditions, and the direction and magnitude of the imbalance in the round) and begin a new auction round. If the imbalance is less than the tolerance, then the auction is complete with all volume tradeable at that price. The price will then be set in USD and also converted into other currencies, including Australian Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht and Turkish Lira. The auction will be run at 12:00 </font><font style="display: inline;">noon</font><font style="display: inline;"> (London time).</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">During the auction, the price at the start of each round, and the volumes at the end of each round will be available through major market data vendors. As soon as the auction finishes, the final </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">prices and volumes will be available through major market data vendors. IBA will also publish transparency reports, detailing the prices, volumes and times for each round of the auction. These transparency reports will be available through major market data vendors and IBA when the auction finishes. The process can also be observed real-time through a WebICE screen. The auction mechanism will provide a complete audit trail. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">As of August 1, 2017, there were seven direct participants in the LBMA Silver Price administered by CME </font><font style="display: inline;">Group </font><font style="display: inline;">and Thomson Reuters. The number of direct participants upon IBA&#x2019;s assumption of the role of LBMA Silver Price administrator is expected to equal or exceed the number of market participants currently participating in the auction process that determines the LBMA Silver Price.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Since April 1, 2015, the LBMA Silver Price has been regulated by the Financial Conduct Authority (&#x201C;FCA&#x201D;) in the United Kingdom (&#x201C;UK&#x201D;).&nbsp;&nbsp;IBA is already authorized as a regulated benchmark administrator by the FCA. Under the UK benchmark regulation, the governance structure for a regulated benchmark must include an Oversight Committee, made up of market participants, industry bodies, direct participant representatives, infrastructure providers and the administrator (i.e., IBA). Through the Oversight Committee the LBMA will continue to have significant involvement in the oversight of the auction process, including, among other matters, changes to the methodology and accreditation of direct participants. The price discovery process for the LBMA Silver Price will be subject to surveillance by IBA. IBA has been formally assessed against the IOSCO Principles for Financial Benchmarks (the &#x201C;IOSCO Principles&#x201D;). In order to meet the IOSCO Principles, the price discovery used for the LBMA Silver Price benchmark will be auditable and transparent. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">The LBMA Silver Price is viewed as a full and fair representation of all market interest at the conclusion of the auction. IBA&#x2019;s auction process is similar to CME Group&#x2019;s auction process, which in turn was similar to the non-electronic process previously used to establish the London silver fix where the London silver fix process adjusted the silver price up or down until all the buy and sell orders are matched, at which time the price was declared fixed. Nevertheless, the LBMA Silver Price has several advantages over the previous London silver fix. IBA&#x2019;s auction process will be fully transparent in real-time to direct participants and sponsored clients and, at the close of each auction, to the general public. IBA&#x2019;s auction process also will be fully auditable since an audit trail exists for every change made in the process. Moreover, the audit trail and active surveillance of the auction process by IBA, as well as the FCA&#x2019;s oversight of IBA, should deter manipulative and abusive conduct in establishing each day&#x2019;s LBMA Silver Price.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">SIGNATURES</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">ETFS SILVER TRUST</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;">By: ETF Securities USA, Sponsor of the ETFS Silver Trust </font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 237.6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;">By:</font><font style="display: inline;text-decoration:underline;"> &nbsp; &nbsp;</font><font style="display: inline;text-decoration:underline;">/s/ Graham Tuckwell</font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;"></font>
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			<font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;">Grah</font><font style="display: inline;">am Tuckwell</font>
		</p>
		<p style="margin:0pt 0pt 0pt 237.6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"> &nbsp;President and Chief Executive Officer</font>
		</p>
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			<font style="display: inline;">By:</font><font style="display: inline;text-decoration:underline;"> &nbsp; &nbsp;</font><font style="display: inline;text-decoration:underline;">/s/ Christopher Foulds</font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;"></font>
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			<font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher Foulds</font>
		</p>
		<p style="margin:0pt 0pt 0pt 237.6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"> &nbsp;Chief Financial Officer and Treasurer</font>
		</p>
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			<font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
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			<font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
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			<font style="display: inline;">Date:&nbsp;&nbsp;October 2, 2017</font>
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{"company-data": {"conformed-name": "ETFS SILVER TRUST", "cik": "0001450922", "assigned-sic": "6221", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34412", "film-number": "171113575"}, "business-address": {"street1": "ETF SECURITIES USA LLC", "street2": "48 WALL STREET, 11TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10005", "phone": "212-918-4954"}, "mail-address": {"street1": "ETF SECURITIES USA LLC", "street2": "48 WALL STREET, 11TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10005"}}
ETFS Silver Trust - 8-k October 2017
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
﻿
FORM 8-K
﻿
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
﻿
Date of Report (Date of earliest event reported):
Octo
ber 2
, 2017
﻿
﻿
ETFS SILVER TRUST
(Exact name of registrant as specified in its charter)
﻿
New York
(State or other jurisdiction of incorporation)
﻿
001-34412
26-4586763
(Commission File Number)
(IRS Employer Identification No.)
﻿
c/o ETF Securities USA LLC
405 Lexington Avenue
New York, NY
10174
(Address of Principal Executive Offices)
(Zip Code)
﻿
646-846-3130
(Registrant's telephone number, including area code)
﻿
N/A
(Former name or former address, if changed since last report)
﻿
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
﻿
﻿
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).
Emerging growth company
☐
﻿
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
.
☐
﻿
Item 8.01
Other Events.
﻿
On July 14, 2017, the LBMA announced that
ICE Benchmark Administration ("IBA")
has been selected to be the third-party administrator for the "LBMA Silver Price." IBA will provide the auction platform and methodology as well as the overall administration and governance for the LBMA Silver Price benchmark.
﻿
Effective from October 2, 2017, IBA will take over the administration of the LBMA Silver Price and operation of the underlying auction and will utilize similar procedures for the LBMA Silver Price to those it utilizes in connection with its administration of the LBMA Gold Price.
The IBA's LBMA
Silver Price auction specifications will be similar to those for the previous LBMA Silver Price auction
administered by CME Group, Inc. and Thomson Reuters
, except as set out below:
-
Maximum Emergency Imbalance Threshold:
This will be set at 1,000,000 oz.
-
Imbalance Allocation:
This will be shared by all direct participants.
-
Minimum No. of Participants:
This is being introduced and set at 3.
-
Technology Platform:
This is being changed from the CME Platform to WebICE.
-
Orders Expressed In:
This is being changed from Lakhs to Troy oz.
-
Maximum Total Position Size:
This is being changed from 50 Lakhs to being set individually by clearing limits between each clearing firm and its direct participants.
-
Maximum Single Order Size:
This is being introduced at
1,000,000 oz.
-
Minimum Allowable Price Move:
This is being changed from
US Dollars ("
USD
")
0.005 to USD 0.001.
-
LBMA Silver Prices expressed per:
This is being changed from Troy oz. to Troy oz. and gram.
-
Number of Decimals of Published Prices:
This remains at 3 decimal places for USD, but will be changed from 4 decimal places to 2 decimal places for all other currencies.
-
Publication Currencies:
This is being changed from USD,
Euros
and
British Pounds
to
Australian Dollars,
British Pounds
, Canadian Dollars,
Euros
, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht
,
Turkish Lira
and USD
(although the price will still be set in USD).
ETF Securities USA, LLC, the Sponsor of
ETFS Silver
Trust
(the "Trust")
, understands that the above changes are being made to further enhance and develop the LBMA Silver Price and that
IBA will utilize similar procedures for the LBMA Silver Price to those it utilizes in connection with its administration of the LBMA PM Gold Price.
Below is a summary of the IBA auction process which will apply effective from October 2, 2017:
﻿
On July 14, 2017, the LBMA announced that
IBA
had been selected to be the third-party administrator for the "LBMA Silver Price". Effective from October 2, IBA will provide the auction platform and methodology as well as the overall administration and governance for the LBMA Silver Price benchmark. IBA will operate an "equilibrium
auction", which is an electronic, tradable and auditable, over-the-counter auction for LBMA-authorized participating silver bullion banks or market makers and sponsored clients of direct participants ("silver participants") that establishes a reference silver price for that day's trading, often referred to as the "LBMA Silver Price". The LBMA Silver Price equilibrium auction operated by CME Group Inc. and Thomson Reuters prior to October 2, 2017 was selected by the LBMA as the silver valuation replacement for the London silver fix previously determined by the London Silver Market Fixing Ltd. that was discontinued on August 14, 2014. The LBMA Silver Price has become a widely used benchmark for daily silver prices and is quoted by various financial information sources as the London silver fix was previously.
The LBMA Silver Price is the result of an "equilibrium auction" because it establishes a price for a troy ounce of Silver Good Delivery Bars that will clear the maximum amount of bids and offers for silver entered by order-submitting silver participants each day. IBA will use ICE's front-end system, WebICE, as the technology platform that will allow direct participants, as well as sponsored clients of direct participants, to manage their orders in the auction in real time via their own desktops. As the IBA electronic silver auction market develops, IBA expects to admit additional silver participants to the order submission process. The benchmark is published when the auction finishes, typically a few minutes after 12
:00 noon
(London time).
At the opening of each auction, IBA in the role of auction chairman ("Chairman") will announce an opening price (in USD), that takes into account current market conditions and begin auction rounds, with an expected duration of at least every 30 seconds each. During each auction round, participants may enter the volume they wish to buy or sell at that price, and such orders will be part of the price formation. Aggregate bid and offer volume will be shown live on WebICE. At the end of each auction round, the total net volume will be calculated. If this
"
imbalance
"
is larger than the imbalance tolerance (currently set at 500,000 oz.) then a new price will be set by the Chairman (based on the current market conditions, and the direction and magnitude of the imbalance in the round) and begin a new auction round. If the imbalance is less than the tolerance, then the auction is complete with all volume tradeable at that price. The price will then be set in USD and also converted into other currencies, including Australian Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht and Turkish Lira. The auction will be run at 12:00
noon
(London time).
During the auction, the price at the start of each round, and the volumes at the end of each round will be available through major market data vendors. As soon as the auction finishes, the final
prices and volumes will be available through major market data vendors. IBA will also publish transparency reports, detailing the prices, volumes and times for each round of the auction. These transparency reports will be available through major market data vendors and IBA when the auction finishes. The process can also be observed real-time through a WebICE screen. The auction mechanism will provide a complete audit trail.
﻿
As of August 1, 2017, there were seven direct participants in the LBMA Silver Price administered by CME
Group
and Thomson Reuters. The number of direct participants upon IBA's assumption of the role of LBMA Silver Price administrator is expected to equal or exceed the number of market participants currently participating in the auction process that determines the LBMA Silver Price.
﻿
Since April 1, 2015, the LBMA Silver Price has been regulated by the Financial Conduct Authority ("FCA") in the United Kingdom ("UK").  IBA is already authorized as a regulated benchmark administrator by the FCA. Under the UK benchmark regulation, the governance structure for a regulated benchmark must include an Oversight Committee, made up of market participants, industry bodies, direct participant representatives, infrastructure providers and the administrator (i.e., IBA). Through the Oversight Committee the LBMA will continue to have significant involvement in the oversight of the auction process, including, among other matters, changes to the methodology and accreditation of direct participants. The price discovery process for the LBMA Silver Price will be subject to surveillance by IBA. IBA has been formally assessed against the IOSCO Principles for Financial Benchmarks (the "IOSCO Principles"). In order to meet the IOSCO Principles, the price discovery used for the LBMA Silver Price benchmark will be auditable and transparent.
The LBMA Silver Price is viewed as a full and fair representation of all market interest at the conclusion of the auction. IBA's auction process is similar to CME Group's auction process, which in turn was similar to the non-electronic process previously used to establish the London silver fix where the London silver fix process adjusted the silver price up or down until all the buy and sell orders are matched, at which time the price was declared fixed. Nevertheless, the LBMA Silver Price has several advantages over the previous London silver fix. IBA's auction process will be fully transparent in real-time to direct participants and sponsored clients and, at the close of each auction, to the general public. IBA's auction process also will be fully auditable since an audit trail exists for every change made in the process. Moreover, the audit trail and active surveillance of the auction process by IBA, as well as the FCA's oversight of IBA, should deter manipulative and abusive conduct in establishing each day's LBMA Silver Price.
﻿
﻿
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
﻿
ETFS SILVER TRUST
﻿
By: ETF Securities USA, Sponsor of the ETFS Silver Trust
﻿
﻿
﻿
﻿
﻿
﻿
﻿
By:
/s/ Graham Tuckwell
Grah
am Tuckwell
President and Chief Executive Officer
﻿
﻿
By:
/s/ Christopher Foulds
Christopher Foulds
Chief Financial Officer and Treasurer
﻿
﻿
﻿
Date:  October 2, 2017
﻿
﻿
﻿
﻿