Market Standards

Global Precious Metals Code

The Global Precious Metals Code revised in December 2022 sets out the standards and best practice expected from market participants in the global precious metals market.

All LBMA members have attested their conformance with the Code by signing a Statement of Commitment. The LBMA maintains a register of market participants who have submitted a Statement of Commitment.

Explanatory Note

The Code is accompanied by an Explanatory Note which provides guidance on how the Code may be used and implemented.

Member Training

To assist members and market participants in adherence to the Code the LBMA has developed a training module in partnership with ACI Financial Markets Association (ACI).

This online training provides continuous training and certification for the GPMC and good market practices in the OTC precious metals markets. To access this course email LBMA on

Central Bank Attestation

LBMA welcomes all relevant central banks to consider attestation to the Code given the strong message it sends to local Market Participants regarding the importance of these principles. Currently the Bank of England, the Reserve Bank of Australia and the South African Reserve Bank attest to the Code. We hope to add more to our register of market participants and are open to discussions on how we can make this possible for central banks.

Further Background

The Code has its roots in the Fair & Effective Markets Review published in June 2014. Led by the Bank of England, and co-chaired by the FCA and HM Treasury, FEMR was a comprehensive assessment of the Fixed Income, Currency and Commodities markets.

The objective was to restore trust in the markets and influence cross-border discussion on trading practices. In total, FEMR has led to the development of three separate Codes for the Fixed Income, Currency and Commodities markets.

The Global Precious Metals Code published by the LBMA replaced the bullion annex of the Non-Investment products (NIPs) Code.

The Code is closely aligned with the FX Global Code, which was published on 25 May 2017 by the Bank for International Settlements.

A new voluntary UK Money Markets Code setting out the standards and best practice expected from participants in the deposit, repo and securities lending markets was published by the Bank of England on 26 April 2017.