ICBC Standard Bank Plc Joins London Precious Metals Clearing System
Monday, May 16, 2016
ICBC Standard Bank Plc has joined the London clearing system for gold, silver, platinum and palladium managed by London Precious Metals Clearing Limited (LPMCL).
LPMCL operates a central electronic metal clearing hub, with deals between parties throughout the world settled and cleared in London. ICBC Standard Bank Plc will become an active member of the LPMCL in early June, 2016. They are the first banking group to be admitted since 2005.
Most global ‘over-the-counter’ gold and silver trading is cleared through the London clearing system. The London bullion market clearing banks provide a service to their clients in providing the settlement of gold and silver transfers. Ultimately each clearer has to have access to reserves of physical metal and provides an array of services tailored to each client’s specific needs; the most important of which is intermediating credit and providing credit facilities.
Ruth Crowell, CEO of London Bullion Market Association said “I’m delighted to see ICBC Standard Bank join this vital organisation. The LPMCL clearing system is one of the great strengths of the London bullion market. The LBMA welcomes this addition and looks forward to continuing to assist LPMCL in its growth and development.”
Other members of LPMCL are; Barclays Bank Plc, HSBC Bank plc, J.P. Morgan, The Bank of Nova Scotia - ScotiaMocatta and UBS AG. For further information about the clearing system including statistics read more.