London Bullion Market Association (LBMA)
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The LBMA, or London Bullion Market Association, is a prominent international trade association that represents the global over-the-counter (OTC) market for precious metals, particularly gold and silver. The LBMA plays a crucial role in facilitating the trading, clearing, and delivery of precious metals and in setting standards for market participants.
The LBMA is a trade association based in London, United Kingdom, that was founded in 1987. It represents a wide range of participants in the , including banks, trading houses, refiners, fabricators, and other institutions involved in the production, trading, and of precious metals.
The primary focus of the LBMA is on the London OTC market for gold and silver, which is one of the largest and most significant markets for these metals in the world.
The association's objectives include promoting transparency, integrity, and best practices in the precious metals market, as well as fostering cooperation and communication among market participants.
Key functions and activities of the LBMA include:
Setting Benchmark Prices: The LBMA administers the setting of benchmark prices for precious metals, including the LBMA Gold Price and the LBMA Silver Price. These benchmarks are used as reference points for pricing and settling contracts in the precious metals market.
Standards and Guidance: The LBMA establishes standards and guidance for the production and refining of gold and silver, as well as for the responsible sourcing of these metals. It plays a role in ensuring that the precious metals industry adheres to ethical and environmental standards.
Market Oversight: The LBMA provides oversight of the London OTC market by setting out rules and standards for market participants. It also monitors compliance with these rules to maintain market integrity.
Research and Publications: The association publishes reports, research, and market data related to , providing valuable information to market participants and stakeholders.
Events and Seminars: The LBMA organizes events, conferences, and seminars that bring together industry experts, market participants, and policymakers to discuss important topics and trends in the precious metals market.
Global Representation: While based in London, the LBMA represents the interests of the global precious metals market and works with organizations and institutions worldwide to promote best practices and cooperation.
The LBMA is recognized as a leading authority in the precious metals market and plays a critical role in maintaining the integrity and efficiency of this market. It contributes to the development of standards and practices that benefit all participants and users of precious metals, from miners and refiners to investors and consumers.
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