London Bullion Market Association

[1] It has a membership of approximately 150 firms globally, including traders, refiners, producers, miners, fabricators, as well as those providing storage and secure carrier services.

LBMA is the standard-setting organisation that defines how precious metals are refined as well as traded, demonstrating this through its management of the globally acknowledged London Good Delivery Lists and Responsible Sourcing programme, as well as the publication in 2017 of the Global Precious Metals Code alongside a requirement for all LBMA members to commit to its adherence.

LBMA works with miners, investors, fabricators, ETFs, refiners, manufacturers, consumers, civil society and central banks from around the world.

[3] In addition to acting as the voice of the global precious metals market, LBMA is the contact point for regulators, investors and clients.

It also has a close working relationship with the London Platinum & Palladium Market (LPPM) and there is cross-representation on the Management Committees or Boards of each organisation.

By 1850, five companies - N M Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps Wilkins had been established.

LBMA was established in 1987 in recognition by the Bank of England of the need for an independent body to oversee the custody, maintenance and regulation of the Good Delivery List, separate from the London Gold Market’s increasing number of participants.

Market Makers have the same rights as Full members but also have the additional responsibility to quote bid and offer prices to each other during the London business day, for agreed minimum quantities and tenors in both gold and silver.

Alternatively, Associates may be companies whose activities are judged to be relevant to the London bullion market, such as inspection, assaying and consultancy.

Submitted applications are presented to the Membership Committee for consideration prior to its recommendations being put forward to the CEO and Board for approval.

The London Good Delivery standard is universally acknowledged as the de facto international benchmark for the quality of large gold and silver bars.

This process involves an examination of the company's history and current relationship with the market, its financial standing, its sourcing and refining methods as well as its assaying techniques and abilities.

LBMA proactively monitors all accredited refiners on a three-year cycle to ensure that the high standards continue to be met.

Following this, LBMA took the opportunity to clarify some of the language used and expand sections on sourcing responsibly for artisanal and small-scale mines when developing Version 7.

This framework, based on the OECD Due Diligence Guidance, gives assurance to investors and consumers that all London gold, silver, platinum and palladium stocks that underpin the global OTC market are conflict-free as well as compliant with international anti-money laundering laws.

Not only will the actual volume be known for the first time, but the data collected will help form LBMA's dialogue with regulators on matters such as Net Stable Funding Ratio and other measures under Basel III.

LBMA organises a variety of industry events featuring leading experts, including the Annual Precious Metals Conference, traditionally held at a different location each year.

Social events are organised to facilitate networking for a wide range of market participants, including a Biennial Dinner and an annual party.