This first issuance of a stand-alone Global Precious Metals Code represents an important step in market development. The Code sets out the standards and best practice expected from participants in the global Over the Counter (OTC) wholesale market for Precious Metals.

As well as market conventions, the Code covers the principles that should be adopted by Market Participants including ethics, compliance, governance and risk management, as well as pre-trade, execution and post-trade business conduct.

Such Codes are important contributors to developing and establishing the trust on which markets depend. This trust is critical to the maintenance of an effective, fair and transparent market where high standards of behaviour are the norm.

I would strongly encourage all those who participate or who seek to participate in the global Precious Metals market, to adhere to this Code and, in so doing, bring clear and lasting benefits for all involved.

The Code has been prepared by the London Bullion Market Association (LBMA) following an extensive period of consultation with Members of the Association as well as participants from the wider Precious Metals market. It is endorsed by the LBMA Board, comprised of market participants from a representative cross-section of the LBMA Membership. The LBMA’s Precious Metals Code Working Group (PMCWG), with expertise in the regulatory aspects of the Precious Metals market, assisted with the preparation of the Code and will continue to help to ensure that it remains fit for purpose.

I would like to thank everyone who worked on the Code for committing their time and expertise, for the benefit of the market as a whole. I would like to particularly thank Sakhila Mirza, LBMA Executive Director, who led the work and held the pen.

Paul Fisher
LBMA Chairman

We would like to thank all LBMA Members and wider market participants from a broad range of institutions who have led and contributed to this initiative.

We firmly believe the Code achieves the objective of defining standards and best practice principles for the global trading of Precious Metals while ensuring that a proportional approach is adopted to its implementation.

Ruth Crowell
LBMA Chief Executive

Sakhila Mirza
LBMA Executive Director

For any queries regarding the Global Precious Metals Code, please contact