Schedule 1: Global Precious Metals Code

Members are asked to sign the following Statement of Commitment. Guidance is provided under the Explanatory Note on the LBMA website of the intention behind this Statement and who should be signing it.

Schedule 2: Membership Application Toolkit

Schedule 3: Membership Benefits

Benefit Market Making Member Full Member Affiliate Member
Vote at general meetings or annual general meetings or on written resolutions
Count toward the quorum at general meetings or annual general meetings
Nominate, vote, propose or second Board members
Run for election to the Board
Opportunity to apply for Sub-Committee Membership (1)
Benefit from the Terminal Markets Order (2)
Eligible to apply to Benchmark Administrators to become a direct or indirect participant in the Benchmark Price Auction processes (3)
Receive significant discounts for annual conferences and other open events
Access to free-to-attend member-only events, enabling networking with other Member businesses (4)
Access to free educational webinars
Access to market intelligence and expert analysis
LBMA Membership demonstrates integrity and transparency throughout precious metals supply chain; coupled with attestation to the Code
Receive advance notice of upcoming legislation, providing organisations with the opportunity to lobby legislation

(1) See section 8 for further details.

(2) The TMO is part of the UK’s Value Added Tax (VAT) legislation and is a simplification mechanism applied to specific Commodity markets in London including the London Bullion Market. The provisions of the TMO are extended to Full Members (including Market Making Members) of the LBMA and the MOU between LBMA and HMRC provides for specific interpretations of the TMO provisions and how they are applied to the London Bullion Market.

(3) Please note that the ultimate decision to participate in the benchmark auctions rests with the relevant benchmark administrator. Affiliates are only able to become an indirect participant.

(4) Some limitations may be placed upon Affiliate Member attendance, depending on the nature of the event.

Schedule 4: Membership Application Process