Liv-ex additionally conceived the Standard-In-Bond (SIB) contract to assure stock condition, delivery, faster payments, and provide transport and storage.
Trading on Liv-ex is reserved for professional buyers and sellers of fine wine and is standardized and anonymous.
[citation needed] With operations across the UK, Europe, and Asia, Liv-ex provides its members with settlement and transport services.
[4] Liv-ex created it in 2011 to provide a standardized numbering system that is designed to avoid errors in communication, transfer and referencing.
The unique seven-digit numerical code is designed to quickly and accurately identify an individual fine wine product.
Additional information including the vintage, pack and bottle size can be appended to the LWIN in a standard format.
[6] The judges called it a “very clever innovation” that “has far-reaching and practical implications for the fine wine trade”.
APIs allow Liv-ex's platform to communicate with merchants' system or website, without any need for human intervention.
[8] They cover new releases in their News and Insights section, as well as weekly trade, and interviews with important figures in the wine industry.
Liv-ex recently launched the California 50 index, which tracks the performance of the last ten physical vintages of Screaming Eagle, Opus One, Dominoes, Harlan Estate and Ridge Monte Bello.
Based on the transactional activity of the world's largest pool of fine wine merchants, it reflects the changing buying patterns of the trade today.