In this regular feature, LBMA publishes responses to frequently asked questions received from Members and other stakeholders. This is one of the many ways in which we are striving to be transparent in our goal to advance standards and develop market solutions.

If you have any questions on any of our initiatives, publications, events or strategic direction, please email

Here are the responses to queries we have had this month:

1) What is the Treasury’s Wholesale Markets Review, and what does it mean?

The Wholesale Markets Review was established by the British Government to review the UK's regime for wholesale capital markets, taking advantage of a freer financial services landscape following the UK’s withdrawal from the EU.

However, in order to maintain a level of equivalence in the rules, it is necessary for the Treasury to mirror the EU rules where possible; to improve upon, or remove any regulations deemed unnecessary. A key concern is to not diverge too far from the EU/US systems so the UK’s rules can be deemed as regulatorily equivalent. The latest update from the consultation containing the next steps can be found on the UK Government website.

2) What are the biggest market risks at present?

One of the biggest risks spoken about at the recent ISDA conference in Madrid in May was the expiration of a licence granted by OFAC to the Russian government concerning the repayment of its debts in US dollar bonds. This licence expired on 25 May, 2022 and while the Russian government responded by making several payments early to avoid defaulting, this issue could negatively impact the global markets in the months ahead.

The regulatory environment surrounding crypto assets was also spoken about as a key workstream by central banks and regulators. Regulators from the inter-governmental political forum Group of Seven (G7), the European Securities and Markets Authority (ESMA), the Basel Committee on Banking Supervision (BCBS) and the European Central Bank discussed how crypto assets need strong regulation for them to survive and succeed.

3) Will there be any changes to the market opening times over the bank holiday?

Yes, there will be changes due to various UK and US bank holidays taking place soon. You can find out more on LBMA’s value dates page.

The London Precious Metals Clearing Limited (LPMCL) clearing system will be closed on Thursday, 2 June and Friday, 3 June 2022. ICE Benchmark Administration has confirmed that on Thursday, 2 June and Friday, 3 June 2022, there will be no AM or PM auctions for LBMA Gold and LBMA Silver prices. And the London Metal Exchange (LME) has also confirmed that on Thursday, 2 June and Friday, 3 June 2022, there will be no AM or PM auctions for LBMA Platinum and LBMA Palladium prices.

4) Will LBMA be getting involved with the LME consultation?

The London Metal Exchange (LME) consultation paper, proposing reporting OTC Position Reporting and introduction of accountability levels for OTC positions, is in respect of physically deliverable aluminium, aluminium alloy, cobalt, copper, lead, NASAAC, nickel, tin and zinc – none of which fall within LBMA’s purview. Consequently, we do not believe that it is appropriate for LBMA to respond to this consultation paper.

5) Will a recording be made available of the ‘Spotlight on Recycled Gold’ webinar?

Yes, it’s available here: You can find many other past webinars, including videos of sessions from the Sustainability and Responsible Sourcing Summit, on LBMA’s video page.

6) I’d like to contribute an article to The Alchemist. How can I find out more?

You can email the editor: The Alchemist is a quarterly publication, and the next issue is due in mid-June, 2022. To receive The Alchemist in your inbox, you can subscribe by visiting the LBMA Portal and go to My Account, where you can update your mailing list subscriptions.