London Bullion Market Association (LBMA)

The London Bullion Market Association (LBMA) was established in 1987 to represent the interests of the participants in the wholesale bullion market.

The LBMA comprises:

• 10 market making members who quote prices for buying and selling gold (and silver) throughout each working day from 8.00 am until 5.00 pm (See also: LBMA Market Makers)
• 44 ordinary members, covering a wide range of banks, trading companies, assayers and refiners, mints and security companies
• 24 international associates; a category of membership that was introduced during 2000.

The LBMA works with:

• The Financial Services Authority (FSA), which supervises the major market participants, who operate under the London Code of Conduct
• HM Customs & Excise on tax policy, such as Value Added Tax

The LBMA maintains:

• The London Good Delivery List for gold and silver through its Physical Committee

The LBMA organises:

• An annual Precious Metals conference. The inaugural event took place in Dubai in February 2000, a second LBMA conference was held in Istanbul in May 2001, with a third one following in June 2002 in San Francisco. A fourth Precious Metals conference is planned to take place in Shanghai in 2003.

The LBMA publishes:

• The average daily clearing turnover among its seven Clearing Members on a monthly basis. These statistics are available since October 1996. (See also: London Clearing Turnover)
• The Alchemist, a quarterly magazine covering not only news and information on the London market, but articles on many topics in the global bullion business
  e-mail alchemist@lbma.org