United Kingdom (London) – Market Introduction

London has been a major market for gold since the late 17th century. The oldest member of the market, now Scotia-Mocatta, was founded in 1671 by Moses Mocatta. Several other members trace their origins to the 19th century, including N.M. Rothschild, where the daily London gold ‘fixing’ prices still offer a daily bench-mark for the price, while London remains a prime trading forum and the essential clearing house for global dealing, with delivery of metal in London (known as loco London). In this role it has a unique asset and ally in the Bank of England, which has itself been the crossroads for gold for three centuries and has more in-house expertise about gold than any other central bank. The London Bullion Market Association (LBMA) represents the interests of the wholesale bullion market, which comprises 10 market-making members, 44 ordinary members and 24 international associates. The LBMA also controls the Good Delivery List of refiners whose bars are accepted on the London market, and publishes monthly the clearing turnover of its market-making members.