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Global Precious Metals Code
The Global Precious Metals Code, launched on
25 May 2017 (with some minor amendments made in
April, 2018), sets out the standards and best practice
expected from market participants in the global Over the
Counter (OTC) wholesale precious metals market.
Adherence to the Code
The Code is intended to define a robust, fair, effective and transparent market where all
participants are able to transact following best practice guidelines. It sets out a common set of
principles to promote the integrity and effective functioning of the global market covering
ethics, governance, compliance and risk management, information sharing and business
conduct.
All market participants involved in the global wholesale precious metals market are expected
to act according to the principles of the Code. LBMA members were required to attest their
conformance with the Code by signing a Statement of Commitment by 1 June 2018.
A maintained register of members who have submitted a Statement of Commitment is
available here.
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. By offering access to the ELAC portal,
LBMA will ensure its members participate in a standardised, high-quality training and
education programme.
The ELAC portal combines illustrative examples and scenarios for precious metal market
practitioners across different roles and circumstances building on the ACI ELAC portal
developed to assist market participants including Central Banks, Regulators and Operations
Personnel with adherence to the FX Global Code of Conduct (FXGC).
The portal is available to subscribers. If you haven't already subscribed you can request a
demo account here. 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 Rachel Hart Rachel.Hart@lbma.org.uk at LBMA or Hayley Brooks Hayley@c-
view.co.uk.
LBMA hosted a training webinar on 26 April 2018 to provide members with a demonstration
of the portal. The recording is available here.
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.
© 2018 - LBMA

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Statements of Commitment
On 6 February 2018, the Bank of England issued its Statement of
Commitment, demonstrating that it is committed to adhering to the
principles of the Global Precious Metals 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.
Below is a list of LBMA Members (including Associates) who have also
submitted a Statement, demonstrating their compliance with the Code.
Name of Member Company
ABC Bullion
Alex Stewart Intl
Allgemeine Gold- und Silberscheideanstalt AG
ALS Inspection UK Limited
Amalgamated Metal Trading Ltd
A-Mark Precious Metals Inc
Ames Goldsmith UK Limited
AngloGold Ashanti Ltd
Argor-Heraeus SA
Asahi Holdings Inc
Baird and Co. Ltd
Bank of China Limited, London Branch
Bayerische Landesbank
BMG Group Inc.
BNP Paribas
Borsa Istanbul
Brink's Limited
BullionVault
China Minsheng Bank
CJSC Sberbank CIB
Commerzbank AG
Cooksongold
Credit Agricole CIB
Credit Suisse
Credit Suisse AG Zurich
Degussa Sonne/Mond Goldhandel GmbH
Dillon Gage
Doduco Contacts and Refining GmbH
EBS Dealing Resources International Limited
Emirates Gold DMCC
FideliTrade Incorporated
G4S Cash Solutions UK Ltd
G4S International
Glencore International AG
Goldman Sachs International
Heraeus Deutschland GmbH & Co. KG
Hindustan Platinum Private Limited
HSBC
HSBC Holdings plc
ICBC Standard Bank plc
ICE Clear US, Inc
International Depository Services of Delaware
INTL FCStone Ltd
Istanbul Gold Refinery
Italpreziosi SPA
Jane Street Global Trading LLC
JBR Recovery Ltd
Johnson Matthey plc
JP Morgan Chase Bank N.A., London Branch
JP Morgan Securities Plc
JSC Almalyk Mining and Metallurgical Complex
Kazzinc Ltd
KGHM Polska Miedz S.A.
Kuveyt Turk Participation Bank Inc.
Koch Supply & Trading, LP
Landesbank Baden-Württemberg
Loomis International (UK) Limited
Macquarie Bank Limited
Malca-Amit Commodities Ltd
Marex Financial Limited
Mastermelt Ltd
Metallurgica Met-Mex Peñoles
Metalor Technologies SA
Metals Focus
Mitsubishi Corporation International (Europe) Plc
Mitsubishi Materials Corporation
MKS (Switzerland) SA
Morgan Stanley & Co International PLC
National Australia Bank
Navoi Mining and Metallurgical Combinat
PAMP SA
Peekay Intermark Ltd
Perth Mint
Pobjoy Mint
Rand Merchant Bank
Rand Refinery
R.C. Inspection (Hong Kong) Limited
Republic Metals Corp
Royal Canadian Mint
Royal Mint
Sberbank (Switzerland) SA
Schöne Edelmetaal B.V.
SCMI Ltd
Shanghai Pudong Development Bank Co., Ltd
Sharps Pixley
Solar Applied Materials Technology Corp
Standard Chartered Bank
Sumitomo Corporation Global Commodities Ltd
Sumitomo Metal Mining Co Ltd
Sunshine Minting Inc
Tanaka Holdings Co
TCA S.p.A.
Thomson Reuters GFMS
Toronto-Dominion Bank
TP ICAP
Transguard
Triland Metals Limited
UBS AG
UBS Switzerland AG
Umicore SA/NV
United Precious Metal Refining Inc
Valcambi SA
Vintage Bullion DMCC
WisdomTree UK Limited
The following LBMA Members have been granted an extension for
submitting a Statement of Commitment to the Code. These were
authorised on the basis that firms could demonstrate steps taken towards
compliance and provide a future date for submitting a Statement.
Name of Member Company
Australia and New Zealand Banking Group
Bank Julius Baer & Co. Ltd
Bank of America Merrill Lynch
Bank of Montreal
Bank of Nova Scotia
BASF Metal Limited
BlackRock
Citibank NA
CME Group
Commonwealth Bank of Australia
GFI Brokers
Natixis
RBC Capital Markets
Societe Generale
VTB Bank
Zürcher Kantonalbank

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Aaa global precious metals code (1)

  • 1. Global Precious Metals Code The Global Precious Metals Code, launched on 25 May 2017 (with some minor amendments made in April, 2018), sets out the standards and best practice expected from market participants in the global Over the Counter (OTC) wholesale precious metals market. Adherence to the Code The Code is intended to define a robust, fair, effective and transparent market where all participants are able to transact following best practice guidelines. It sets out a common set of principles to promote the integrity and effective functioning of the global market covering ethics, governance, compliance and risk management, information sharing and business conduct. All market participants involved in the global wholesale precious metals market are expected to act according to the principles of the Code. LBMA members were required to attest their conformance with the Code by signing a Statement of Commitment by 1 June 2018. A maintained register of members who have submitted a Statement of Commitment is available here.
  • 2. 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. By offering access to the ELAC portal, LBMA will ensure its members participate in a standardised, high-quality training and education programme. The ELAC portal combines illustrative examples and scenarios for precious metal market practitioners across different roles and circumstances building on the ACI ELAC portal developed to assist market participants including Central Banks, Regulators and Operations Personnel with adherence to the FX Global Code of Conduct (FXGC). The portal is available to subscribers. If you haven't already subscribed you can request a demo account here. 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 Rachel Hart Rachel.Hart@lbma.org.uk at LBMA or Hayley Brooks Hayley@c- view.co.uk. LBMA hosted a training webinar on 26 April 2018 to provide members with a demonstration of the portal. The recording is available here. 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.
  • 3. 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. © 2018 - LBMA  This website is using cookies to track usage and preferences. Statements of Commitment On 6 February 2018, the Bank of England issued its Statement of Commitment, demonstrating that it is committed to adhering to the principles of the Global Precious Metals 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. Below is a list of LBMA Members (including Associates) who have also submitted a Statement, demonstrating their compliance with the Code. Name of Member Company ABC Bullion Alex Stewart Intl Allgemeine Gold- und Silberscheideanstalt AG ALS Inspection UK Limited Amalgamated Metal Trading Ltd A-Mark Precious Metals Inc Ames Goldsmith UK Limited AngloGold Ashanti Ltd Argor-Heraeus SA Asahi Holdings Inc Baird and Co. Ltd Bank of China Limited, London Branch Bayerische Landesbank BMG Group Inc. BNP Paribas Borsa Istanbul Brink's Limited BullionVault China Minsheng Bank CJSC Sberbank CIB Commerzbank AG Cooksongold Credit Agricole CIB Credit Suisse Credit Suisse AG Zurich Degussa Sonne/Mond Goldhandel GmbH Dillon Gage Doduco Contacts and Refining GmbH EBS Dealing Resources International Limited
  • 4. Emirates Gold DMCC FideliTrade Incorporated G4S Cash Solutions UK Ltd G4S International Glencore International AG Goldman Sachs International Heraeus Deutschland GmbH & Co. KG Hindustan Platinum Private Limited HSBC HSBC Holdings plc ICBC Standard Bank plc ICE Clear US, Inc International Depository Services of Delaware INTL FCStone Ltd Istanbul Gold Refinery Italpreziosi SPA Jane Street Global Trading LLC JBR Recovery Ltd Johnson Matthey plc JP Morgan Chase Bank N.A., London Branch JP Morgan Securities Plc JSC Almalyk Mining and Metallurgical Complex Kazzinc Ltd KGHM Polska Miedz S.A. Kuveyt Turk Participation Bank Inc. Koch Supply & Trading, LP Landesbank Baden-Württemberg Loomis International (UK) Limited Macquarie Bank Limited Malca-Amit Commodities Ltd Marex Financial Limited Mastermelt Ltd Metallurgica Met-Mex Peñoles Metalor Technologies SA Metals Focus Mitsubishi Corporation International (Europe) Plc Mitsubishi Materials Corporation MKS (Switzerland) SA Morgan Stanley & Co International PLC National Australia Bank Navoi Mining and Metallurgical Combinat PAMP SA Peekay Intermark Ltd Perth Mint Pobjoy Mint Rand Merchant Bank Rand Refinery R.C. Inspection (Hong Kong) Limited Republic Metals Corp Royal Canadian Mint Royal Mint Sberbank (Switzerland) SA Schöne Edelmetaal B.V. SCMI Ltd Shanghai Pudong Development Bank Co., Ltd Sharps Pixley Solar Applied Materials Technology Corp Standard Chartered Bank
  • 5. Sumitomo Corporation Global Commodities Ltd Sumitomo Metal Mining Co Ltd Sunshine Minting Inc Tanaka Holdings Co TCA S.p.A. Thomson Reuters GFMS Toronto-Dominion Bank TP ICAP Transguard Triland Metals Limited UBS AG UBS Switzerland AG Umicore SA/NV United Precious Metal Refining Inc Valcambi SA Vintage Bullion DMCC WisdomTree UK Limited The following LBMA Members have been granted an extension for submitting a Statement of Commitment to the Code. These were authorised on the basis that firms could demonstrate steps taken towards compliance and provide a future date for submitting a Statement. Name of Member Company Australia and New Zealand Banking Group Bank Julius Baer & Co. Ltd Bank of America Merrill Lynch Bank of Montreal Bank of Nova Scotia BASF Metal Limited BlackRock Citibank NA CME Group Commonwealth Bank of Australia GFI Brokers Natixis RBC Capital Markets Societe Generale VTB Bank Zürcher Kantonalbank