Market Standards

Global Precious Metals Code

The Global Precious Metals Code published in May 2017 sets out the standards and best practice expected from market participants in the global precious metals market.

LBMA is pleased to announce the launch of a public consultation inviting comments and feedback from Members and stakeholders outside of the LBMA Membership, on the latest version of the Global Precious Metals Code (GPMC). Read more here.

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 will provide LBMA Member institutions and individual practitioners access to an E Learning, Attestation and Certification (ELAC) Portal.

You can request a demo account here, and the payment schedule to subscribe to the portal can be found here. If you already have an account you can log on to the portal here. For more information please contact Sakhila Mirza at LBMA or Hayley Brooks

An LBMA training webinar provided a demonstration of the portal, a recording of which is available.

Bank of England

On 6 February 2018, the Bank of England issued a Statement of Commitment to the Code. By doing so the Bank is demonstrating that it is committed to adhering to the principles of the Code when acting as a market participant within the market, and that its internal practices and processes are aligned with the principles of the Code.

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.