The recent meeting of the Physical Committee discussed several items. The key focus areas are outlined below:
The LBMA webpage ‘Guidance to Market Participants’ on the acceptance of Russian bars on the Good Delivery Former Lists, including bars from all refiners on the Former Lists, and the Guide for Customs on ‘Is this an Acceptable Bar?’, have both gone live and had received a positive reception.
The Committee discussed the development of the centralised database for Russian bars held in the Loco London Market prior to the G7 Sanctions date (24 June), which is in the process of being set up.
The live demonstration from the service providers to test the features was underway with the vaults to determine feasibility.
GD Rules Consultation
The proposed questions for the second round of the consultation were approved. Based on the feedback received in the first round, which focused on the minimum production threshold whereby gold is the by-product. The consultation was launched on October 10, 2022.
- Consultation closes on October 31, 2022.
- Collate findings and present to the Physical Committee
- Legal review
- Launch in December, effective 1 Jan 2023
There is a high volume of applications in process, with the same number expected in 2023. The Executive is looking into resources to manage theses volumes effectively.
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