LBMA News

LBMA Members

LBMA is delighted to welcome China Industrial Bank Co., Ltd as a Full Member. The bank is based in Fuzhou within the Fujian province and looks forward to expanding its network through LBMA. LBMA also welcomes new Associate, Pro Aurum GmbH. The company is based in Munich and is the largest bank-independent precious metal trader in Germany. We currently have 143 member companies – 86 Full Members (including 12 Market-Making Members and 12 Affiliates), three Exchange Affiliates and 54 Associates. If you are interested in applying for membership of LBMA, including the new subsriber category, please email mail@lbma.org.uk

Global Precious Metals Code Is Three Years Old In 2020

To mark the occasion, it will undergo a review and update to ensure that it remains relevant and fit for purpose for the needs of the global precious metals market.

Members and market participants will have the opportunity to provide comments on the review, so look out for further updates on this later in the year.

Simon Potter Joins LBMA Board

Simon Potter, Independent Non-Executive Director, formerly Head of the Markets Group, Federal Reserve Bank of New York (FRBNY), joined LBMA’s Board as our third independent Non-Executive Director on 1 January 2020. Simon led and provided strategic direction to 500 professionals across three locations at the FRBNY. He has had academic experience as an Assistant Professor of Economics at UCLA and has taught at Johns Hopkins University, New York University and Princeton University. Simon has extensive experience in market best practices, reference rates, a leadership role on the global FX Code, as well as being Chair of the Global FX Committee.

Simon Weeks, new LBMA Senior

Advisor Central Banks We welcome Simon who will be joining LBMA as a consultant and will be focusing his attention on forging closer engagement between LBMA and central banks. Simon will also be assisting with other tasks, for example, updating the OTC Guide, which is now three years old and in need of a review.

Taylor Birch joins as LBMA’s Events Co-ordinator

Taylor Birch returns to LBMA on 3 February to take up the role of Events Co-ordinator. She will be hitting the ground running with the Annual Party and Technology Summit both taking place in March as well as the AGM, Annual Conference and black-tie dinner later in the year.

Gold And Silver Held in London Vaults

As at the end of September 2019, there were 8,228 tonnes of gold valued at $392.9 billion and 35,654 tonnes of silver valued at $19.8 billion held in the London vaults. This equates to approximately 658,274 gold bars and 1,188,472 silver bars.

LBMA-i Trade Reporting

Daily gold trading hit a record high in value terms on 8 January, 2020 with $86.4bn traded.

Why The Data Is Important

LBMA-i market data makes it possible for market participants to gauge the size, shape and liquidity of the OTC market as represented by LBMA members.

It also helps support LBMA’s dialogue with regulators on such matters as NSFR, where we are working closely with key stakeholders to gain a full exemption for precious metals and clearing.

103 Accredited Refiners

We now have 103 refiners on the Good Delivery Lists, with 70 listed for gold, 82 listed for silver and 49 refiners on both lists.

Redefining LBMA

You may recall that last year we invited members to provide comments and feedback on helping to enhance our communications strategy and assist us with shaping our key messages and futurefacing brand proposition. The aim was to better engage multiple stakeholders and to enable us to expand effectively into new regions globally. LIDA applied a research strategy approach to the project, conducting desk-based, quantitative and qualitative studies to inform the new brand proposition. The responses received also provided good insight into current perceptions of LBMA as a brand, highlighting areas that still require attention. We are now developing a revised elevator pitch deck and supporting sales collateral that we hope will better communicate the important work conducted by LBMA, as well as crystallising the value of LBMA membership as we look to grow our networks and add new members. LBMA defines itself as the world’s only independent authority for precious metals. It’s our job to ensure business integrity by advancing standards for the common good of the global industry. We are perfectly positioned to offer market solutions and services that support this ambition. Please keep an eye out for appearances by our executive at events during the year and let us know what you think about our new approach to promoting LBMA, its work and the market. This project has been invaluable both in terms of shaping our future comms strategy, but also in providing the business with a better understanding of the areas that need our focus in order to improve perceptions in future. A follow-up study will be conducted in 2021 to assess the effectiveness of this project

2019 LBMA Charitable Donations

Last year, LBMA split its annual charitable fund equally between four nominated charities: Isabelle Hospice, The Ghana Education Project, The Jamil & Nyanga Jaward Foundation in Sierra Leone and Alzheimer’s Research UK.