Satisfaction with Service

Member satisfaction is generally high, but particularly so among bank and trading house Members. The research reveals that a total of 77.6% of bank/trading house Members rated themselves as very satisfied. This encapsulates 28.6% rating themselves as “extremely satisfied” with the service they receive from LBMA, and 49% agreed to the second highest satisfaction rating on a sliding scale from 5-1 (with 5 as extremely satisfied, 3 as neutral, and 1 as not satisfied at all).

This ties in with 50% of Market Making Members selecting the “extremely satisfied” box, with a further 37.5% in the next satisfaction rating below.

Full Members identified as a total of 66.7% satisfied – 18.1% “extremely satisfied” and 48.6% in the next satisfaction rating below.

Meanwhile, 52% of Refiners indicated they were “extremely satisfied” with the service they receive, identifying themselves within the upper two satisfaction brackets – and only 12.7% checking the lowest satisfaction rating box.

Satisfaction among Affiliates is lower, with 17.9% identifying as “extremely satisfied” – and a further 35.7% rating themselves in the next category below. Of note is the 39.3% of Affiliates who submitted a neutral rating of 3. Our aim this year is to work on translating that neutral view into a positive through more engagement and dialogue.

Indeed, a negative satisfaction rating, which is a 1 or 2 vote, overall was very low – with just 7.9% of the 127 respondents saying they are unsatisfied with the service they receive from LBMA.

Membership Expectations

When asked to what extent membership of LBMA meets expectations, results were also mixed, but a similar pattern emerges.

Some 27% of Bank bank/trading house Members agree “to a very large extent,” with 44% identifying within the next satisfaction bracket below.

Full Members agree membership met their expectations to “a very large extent” by 13.9%, with 48.6% selecting the next agreement level. Among the Market Making Members community, 50% agree “to a very large extent”, and 25% agree to the next level down. Some 14.3% of Affiliate Membership agree “to a very large extent” and 35.7% agree to the next level down:

But again, it is the neutral vote where we have work to do – 42.9% of Affiliates identified as a 3. They’re not unhappy, with just 7.2% giving a combined rating of a 1 and 2, but we need to reach out to those Affiliate Members who have a lukewarm view. For comparison, 25% of Full Members and 25% of Market Making Members submitted a rating of 3.

Alignment with Strategic Goals

On the question of alignment with LBMA’s role of advancing global standards for the common good of the industry, 55% of Bank/Trading House Members gave a top box rating (a ‘very large extent’).

Refinery Members were more likely to give a second box rating for this question, with 55% choosing second box compared to top box rating (27%).

Full Market Making Members overwhelmingly agree with LBMA’s strategic goals, with 75% agreeing “to a very large extent”, while Full Members and Affiliates agree 43.1% and 42.9% respectively.

Some 11.1% of Full Members and 21.6% of Affiliate Members gave a neutral vote (3), while there were no votes from Market Making Members for neutral or a small/very small extent.

The majority are aligned with LBMA’s role to advance global standards for the common good: