LBMA announces strong, positive response to RFI
Wednesday, November 25, 2015
EY reappointed to support the process of evaluation.
The LBMA has announced that 20 entities have submitted 17 responses to its recent RFI (Request for Information) process, which includes exchange groups, technology firms, brokers and data vendors. The RFI invited service providers to submit information to assist the LBMA in delivering the EY recommendations from the Strategic Review presented in June 2015.
The purpose of the RFI was to help the LBMA to understand the potential options available to the precious metals market (gold, silver, platinum and palladium). More specifically, service providers were requested to submit information to help deliver a series of strategic objectives for the London precious metals market. These include enhancing transparency, improving efficiency and expanding the technology requirements in the market, in order to facilitate growth, lower costs and attract greater liquidity.
The responses to the RFI will be discussed by a User Group comprised of representatives of the LBMA Management Committee, liquidity providers and supported by the London Precious Metals Clearing Limited.
EY has been appointed to act as the independent facilitator of the User Group, and will be responsible for providing assessment criteria by which the various potential services will be assessed. Jon Spall (G Cubed Metals Ltd) and former LBMA Chairman, David Gornall (DG Consulting), will provide subject matter expertise to the LBMA Executive and User Group. The User Group will make recommendations to the Management Committee who will make the final decision as to which service provider(s) will be shortlisted to formally propose dedicated services for the market.
The broad timetable for delivery of the process is as follows:
- Consideration of RFI responses during the remainder of 2015 including bilateral discussions with service providers;
- Service provider presentations and selection of optimal solution(s) in Q1 2016.
LBMA Media Contacts:
+44 20 7337 9786
About the London Bullion Market Association
The LBMA is the international trade association that represents the wholesale over-the-counter market for gold and silver bullion. The LBMA undertakes many activities on behalf of its members and the wider market, including the setting of good delivery and refining standards, the organisation of conferences and other events, and serving as a point of contact for the regulatory authorities.