The recent meeting of the Physical Committee discussed several items. The key focus areas are outlined below:
Russia
A new LBMA webpage has been developed, ‘Guidance for all Market Participants’, on the acceptance of Russian bars on the Good Delivery Former Lists, including bars from all refiners on the Former Lists. In addition to the timeline of the sanctions. This is being developed due to issues that have arisen concerning accepting Russian bars following the suspension of the six Good Delivery Russian refiners on 7 March 2022.
The Committee also discussed the Guide for Customs on ‘Is this an Acceptable Bar?’ which has been developed, in addition to the webpage with Customs in mind - but relevant for all market players - to provide background to the information in the webpage and a visual guide of the latest acceptable bars from the suspended Russian Refiners and all other Russian refiners on the Former Lists.
Security Features
Discussions revealed that it was key for a live demonstration from the service providers to test the features for the vaults to determine feasibility.
GD Rules Consultation
The next steps were discussed:
- Thursday, 29 September - Preliminary feedback being presented at CEO Members' Town Hall
- Executive reaching out to key stakeholders to obtain their feedback and commitment to participate in the survey
- After Friday, 30 September - Develop and launch second round of the consultation, with an end of October deadline
- To be agreed with relevant committees in November
- Launch in December, effective from Sunday, 1 Jan 2023
If you have any issues or questions that you feel should be discussed by the Physical Committee then please contact varsha.peiris@lbma.org.uk.