The LBMA is pleased to announce the launch of the Global Precious Metals Code. This first issuance of a stand-alone code of conduct for the wholesale precious metals market represents an important step in market development.

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 this Code. LBMA members will be required to attest their conformance with the Code by signing a Statement of Commitment.

The Code has been prepared by the LBMA following an extensive period of consultation with its Members as well as participants from the wider Precious Metals market.

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.

The Code is accompanied by an Explanatory Note which provides guidance on how the Code may be used and implemented.

Dr Paul Fisher, Chairman of the LBMA commented “The Code is an important step forward to build greater trust, consistency and transparency throughout the market. I would strongly encourage all participants in the global precious metals markets to follow the principles it sets out.”

Ruth Crowell, Chief Executive of the LBMA commented “I would like to thank all Members, market participants and LBMA staff who contributed to the preparation of the Code. And in particular our newest Executive Director, Sakhila Mirza.”