At the end of each business day each member of the Gilt-edged Market Makers Association (GEMMA) sends the DMO a set of mid-market closing prices for all conventional gilts (except rumps and when issued gilts) and mid-market closing yields for strips. Prices for index-linked gilts are provided by the index-linked market makers. From these prices the DMO computes an average price for each gilt and then publishes this reference price and the associated gross redemption yield.

The reference prices that the DMO publishes for rump gilts are derived from the prices of other gilts. For a given gilt the reference price is not intended to give a market price at which it could be traded, but provides an indicative price. The GEMMA reference prices for a particular day are loaded onto the DMO website at approximately 6.30pm that day (www.dmo.gov.uk).