LBMA Issues Request For Information (RFI)
Friday, October 09, 2015
The London Bullion Market Association (LBMA) is pleased to announce that it has issued a formal RFI (Request for Information) inviting potential solution providers to submit information to assist the LBMA in delivering the EY recommendations from the Strategic Review.
The purpose of the RFI is to understand all the potential options available to the market, and we are inviting service providers to outline all potential solutions and then rank them, where appropriate. More specifically, they will be invited to provide information to help deliver the following objectives for the London bullion market:
- Greater transparency: to deliver an appropriate degree of transparency to the market, in line with the recommendations under FEMR.
- To attract greater liquidity: expanding the technology requirements that enables growth and attracts liquidity.
- Revenue and Costs: to increase efficiency and lower the costs for institutions of doing business, ensuring the ongoing strength of the London market.
The RFI process follows on from the review which the LBMA commissioned EY to undertake to look into the future development of the London bullion market in line with the Fair and Effective Markets Review (FEMR).
In terms of timing, the RFI is split into two phases: the deadline for responses is 16th November to be followed by a period of bilateral discussions to explore the information provided. The LBMA has established a User Group, comprised of a mixture of Market Makers, non-market maker banks and other corporates, to assist the LBMA with taking forward this work and to help identify what new services need to be provided and when.
The LBMA invites all potential third-party solution providers who are interested in the RFI process to email email@example.com.
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.
LBMA Media Contacts:
+44 20 7337 9786