Market Definitions and Glossary of Terms

A Market Participant that transacts on behalf of and for the account of a Client.

An interest that a Market Participant might have to transact in a given product at a price that may be better than the prevailing market rate.

Includes LBMA Gold Price, LBMA Silver Price, LBMA Platinum Price, LBMA Palladium Price.

The methodology used to determine the Benchmark, for example, but not limited to, an auction.

Market Participants making requests, placing orders and subsequently executing trades through a dealer.

Information that is treated as confidential, including Precious Metals Trading Information and Designated Confidential Information:

• Precious Metals Trading Information. This can take various forms, including information relating to the past, present and future trading activity or positions of the Market Participant itself or of its Clients, as well as related information that is sensitive and is received or produced in the course of such activity. Examples include but are not limited to:
  • details of a Market Participant’s order book;
  • other Market Participants’ Axes;
  • spread matrices provided by Market Participants to their Clients; and
  • orders for and during the Benchmark Process.
    

Confidential, proprietary and other information for which Market Participants may agree to a higher standard of non-disclosure, which at their discretion, may be formalised in a written non-disclosure or similar confidentiality agreement.

The spread or charge that may be included in the final price of a transaction in order to compensate the Market Participant for a number of considerations, which might include risks taken, costs incurred and services rendered to a particular Client.

A view shared by Market Participants on the general state of and trends in the market

A Market Participant that has been granted the status of Market Maker by the LBMA.