The LBMA is the London-based trade association that represents the wholesale gold and silver bullion market in London. London is the focus of the international Over-the-Counter (OTC) market for gold and silver, with a client base that includes the majority of the central banks that hold gold, plus producers, refiners, fabricators and other traders throughout the world. The LBMA was formally incorporated in 1987 in close consultation with the Bank of England, which was the bullion market's regulator at that time. The primary regulator for the bullion market in the UK is now the Financial Services Authority, with which the Association maintains a close working relationship.
The LBMA Good Delivery List is now widely recognised as representing the de facto standard for the quality of gold and silver bars, in large part thanks to the stringent criteria for assaying standards and bar quality that an applicant must satisfy in order to be listed. The assaying capabilities of refiners on the Good Delivery List are periodically checked under the LBMA's Proactive Monitoring programme.
Committees of LBMA
Joining the LBMA
The LBMA's membership stands at over 100 companies in 21 countries, engaged in precious metals trading, refining, assaying, shipping, broking, mining and research. Banks, fabricators, refiners, shippers and brokers - all sectors of the market are represented in its broad-based membership. Full members must be directly involved in the London bullion market; Associates may be companies that supply services to the London bullion market.
Istanbul Gold Exchange is an Associate Member of the LBMA as it is not located in London.
Good Delivery
Historically, the members of the London bullion market compiled lists of accredited melters and assayers whose gold and silver bars they would accept without question in settlement against transactions conducted between each other and with other acceptable counterparts. Such bars earned the distinction of London Good Delivery status
The LBMA Good Delivery List is now widely recognised as representing the de facto standard for the quality of gold and silver bars, in large part thanks to the stringent criteria for assaying standards and bar quality that an applicant must satisfy in order to be listed. The assaying capabilities of refiners on the Good Delivery List are periodically checked under the LBMA's Proactive Monitoring programme.
For Good Delivery Rules, please visit LBMA's web site (www.lbma.org.uk)
Istanbul Gold Exchange and Good Delivery ListThe principles of precious metals refineries that are accepted in IGE are set by Communique about Precious Metals Standards and Refineries issued by Under Secretariat of Turkish Treasury.
According to the Communique numbered 2006/1 and dated 18/11/2006, IGE designates and announces refineries that their bullion, bar and granule can be traded in IGE, taking into account London Bullion Market Association's (LBMA) Good Delivery List for gold and silver and London Platinum and Palladium Markets (LPPM) Good Delivery List for platinum.
Source: www.lbma.org.uk
