LBMA is pleased to announce the launch of version 2 of the Global Precious Metal Code. The Code sets out the minimum standards and best practice expected from market participants in the Precious Metals Market.
During 2022 the Global Precious Metal Code Working Group reviewed version 1 of the Code, compared changes made in the updated versions of the Money Market and FX Codes, and considered matters such as:
- Remote Working
- Diversity & Inclusion
- Physical Settlement Risks
- Environmental, Social & Governance
- Relevant Financial Standard and Markets Board Standards
- Responsible Sourcing Guidelines
In addition, the Working Group endeavoured to harmonise language and terminologies. It is hoped that additions made will further strengthen the standards, and expectations, of the physical precious metal market.
LBMA would like to thank the Working Group and those who responded to the two public consultations, the input was very useful in getting to this 2nd Version of the Code, which LBMA will now seek recognition from the FCA in line with their recognition programme.
All Members of LBMA, and the LPPM, will be required to attest to this update by the end of 2023, LBMA also welcomes non-members to attest where possible.
To assist firms in fulfilling their obligation to ensure all staff involved in their precious metals activity are trained in line with the guidelines of the Code, LBMA has partnered with ACI FMA to provide a training solution for this requirement. For more information on this training please get in touch with firstname.lastname@example.org.
Global Precious Metals Code V2
The Global Precious Metals Code Version 2 published in December 2022 sets out the standards and best practice expected from market participants in the global over-the-counter (OTC) wholesale precious metals market. This is an updated version of the code, first published in 2017.