Please find our update on business continuity during COVID-19.
Precious Metals Logistics
LBMA does not expect significant disruptions in the transport of precious metals arising from temporary transport closures between the UK and parts of continental Europe, including Switzerland. The robust transport infrastructure for PMs has been strengthened further since the first lockdown in Q1, for example by the employment of charter flights which have not been affected by the current restrictions.
Active Communication with Infrastructure Providers
Following Loco London business continuity procedures carried out in Q1, LBMA continues active communication with infrastructure providers including logistic providers, LPMCL, London vaults, benchmark administrators, LPPM, banks and refiners.
LPMCL
LPMCL clearing activities will continue in accordance with its five clearing members regulated Business Continuity Plans (BCP). All LPMCL Members will mutually cooperate on a best effort basis to provide a full reciprocal service, including but not limited to Processing, Weighing, Allocation and Storage.
Communicate through LBMA if you expect problems
If you experience or expect problems, please use LBMA to help communicate those issues to others in the market. Please contact ask@lbma.org.uk.