LBMA News

On 20 November, LBMA published trade reporting data to reveal the size of the LBMA membership’s share of the loco London and loco Zurich OTC market. Since then the dataset has been published on a weekly basis each Tuesday. The data is reported over a five-day reporting week and is broken down into spot, forward, swaps and loans/leases and deposits. The latest data published on 15 January (for the week beginning 7 January) shows the daily average turnover for gold was $41.6 billion and silver $5.8 billion.

The publication of the trade reporting data through LBMA-i meets LBMA’s requirement to improve transparency and demonstrates liquidity in the global OTC precious metals market. As the dataset grows it will help us to develop a clearer picture about the true size of the global OTC market. It will also help inform our dialogue with regulators on matters such as Basel III’s Net Stable Funding Ratio. The charts below illustrate the Trade Reporting average daily turnover in US Dollars for gold and silver over the nine weeks since the data was first published. The datasets are calculated by dividing the aggregate weekly volume data by the number of business days in the week and then multiplying by the LBMA $ price. For further details, refer to the LBMA-i Trade Reporting page on LBMA’s website.

Responsible Sourcing Version 8

On 1 January, LBMA launched version 8 of its Responsible Sourcing programme. This extends the scope of the programme to include Environment, Social and Governance issues. For further details, please refer to the Editorial on page 3.

Centenary Of The First Gold Price

On 12 September 2019, we will be celebrating the centenary of the gold price. LBMA is planning a series of events to mark the anniversary. For further details, please see the article on the 100 years of the gold price on page 22.

Enhanced Communications And Information Services

LBMA is developing an improved communications programme for 2019 and beyond. We will be running a regular webinar series, and planning targeted updates and briefings to our contacts, amongst other activities. A brand new secure website will also launch this year – MyLBMA – providing the ability for Member and GDL applications to be submitted online, as well as offering our members and accredited refiners the ability to view and make payments. It will also house a secure Members Resources area which will replace the existing Members Area currently on our main website. Keep an eye out for details about the launch of MyLBMA.

LBMA Launches Chinese Version Of Website

In the build-up to the next Precious Metals Conference in Shenzhen in October, a new Chinese version of LBMA’s website will be launched in the first quarter of 2019. At launch, the site will contain selected content to provide visitors with information on Membership, Good Delivery, Prices and Data, and with the contact details of our senior advisor in Asia – Jeremy East. It is intended that the site will be extended over time to include further information.

LBMA Members

We currently have 145 member companies – 86 Full Members (including 13 Market Making Members), 3 Exchange Affiliates and 56 Associates located in more than 30 countries. LBMA Charitable Donations The 2018 charitable fund was divided equally between four charities: £2,500 was donated each to the Alzheimer’s Society, Prostrate Cancer UK, St Mungo’s Homeless Charity and the Urostomy Association

Brexit Seminar: What’s Going On? – December 2018

LBMA Chairman, Dr Paul Fisher, in his capacity as Senior Research Fellow at King’s Business School, provided his unique insight into why the Brexit process has proved so difficult, as well as what impact it may have on the future for London as the world’s leading financial centre. If you haven’t listened to it already, it’s available on LBMA’s YouTube channel.

Global Precious Metals Code

LBMA has now received Statements of Commitment from 99% of members. In 2019, LBMA will relaunch the Global Precious Metals Code Working Group to review the Code and the compliance oversight. LBMA will also continue its application for recognition of the Code by the FCA.

Gold and Silver Held in London Vaults

As at end September 2018, there were 7,452 tonnes of GOLD, valued at $284.5 billion and 35,135 tonnes of SILVER valued (as at end of September 2018) at $16.2 billion. This equates to approximately 596,161 gold bars and 1,171,174 silver bars.

101 Accredited Refiners

We now have 101 refiners on the Good Delivery Lists, with 68 listed for gold, 83 listed for silver and 50 refiners on both lists.

Current Applications

There are currently 9 active Good Delivery applications.

Finance Committee Vacancies

The Finance Committee is looking for new recruits to join the Committee. For more information, please contact Ed Blight at: ed.blight@lbma.co.uk

Leon Edery Becomes A Uk Citizen

Leon is a member of the PAC and is pictured here at a recent ceremony where he gained his UK citizenship. He now holds dual French and UK nationality.