Answers to the most common enquiries about the market and LBMA.

LBMA are often asked questions by either members of the Association or the general public. A compilation of the most Frequently Asked Questions are available here, which have been categorised by subject into four main sections.

  • Which types of companies can join LBMA?

    LBMA's Membership comprises over 145 companies in more than 20 countries and includes the following classes: Full Member; Market Making Member and Affiliate Member. The first two classes are considered to be organisations that are directly active in the Loco London Market and Affiliate Members are generally those organisations that are active in other Markets around the world but whose activities are considered to be closely associated with the Global OTC Precious Metals Market.

    Member activities are considered to include: trading, broking, shipping and storage, mining, refining, inspection and assaying, service providers, technology providers, exchanges, intermediaries, consultancy services and research. Please note, individuals cannot become Full or Affiliate Members.

  • Who can apply to become an Affiliate Member?

    Affiliate Membership of the LBMA is available to a range of international market participants, service providers, technology providers, exchanges and intermediaries. It is also open to companies that are active in functions relevant to the London bullion market like mining, inspection, assaying and consultancy related activities. Logistics and vaulting companies who are not active in the Loco London Market may also apply for this classification of membership. Refiners who are interested in applying to become an Affiliate Member need to be accredited as a GDL Refiner before doing so.

  • What are the differences between an Affiliate and a Full Member?

    Full Members have a weighted vote at LBMA’s AGM, 3:1 compared to that of Affiliate Members. All Members have the ability to provide attestation in support of new applicants within the limitations set within LBMA Due Diligence policies. Full Members and Market Making Members have the right to put forward candidates for election to the Board but Affiliate Members may not. All Members have the right to put forward candidates to be considered for places on LBMA Sub-Committees and Working Groups. Full Members and Market Making Members are considered to be active participants in the Loco London Bullion Market by HMRC and are able to trade under the terms of the Terminal Markets Order. This tax simplification mechanism is not available to Affiliate Members.

  • How much does Membership cost?

    Applicants for any class of membership will pay a non-refundable application fee of £1,000. This fee is also payable for organisations who wish to apply to re-classify to any other classification of Membership. Upon admittance to the membership, an annual subscription is payable at the rates of: £26,500 for Market Making Members, £17,000 for Full Members (Bank/Trader), £11,000 for Full Member (Other), £11,000 Affiliate Member (Exchange) and £6,500 for Affiliate Members. These rates are reviewed every year and Members will be notified of the fee increases in advance. The fees for applicants who are successfully admitted as Members will have their first year’s subscriptions pro-rated to the month in which they are admitted.

  • What Due Diligence does LBMA conduct as part of any Membership application?

    LBMA performs checks on every application for membership in accordance with its Due Diligence Policy. Reports are produced for consideration by Committees prior to any admittance decision being taken. Periodical reviews are conducted on all Members to ensure the maintenance of standards and compliance with the Global Precious Metals Code.

  • Should my company apply to become a Member?

    There are some general guidelines:

    • UK financial institutions, companies and banks, whether authorised by the FCA or passported in by the FCA (originally authorised elsewhere within the EU or EEA) must apply to become Full Members.
    • Banks, whether based in the UK or internationally, are expected to apply as Full Members.
    • International market participants, service providers, technology providers, exchanges and intermediaries should apply for Affiliate Membership.
    • Companies that are active in functions relevant to the London bullion market like mining, inspection, assaying and consultancy related activities should apply for Affiliate Membership.
    • Logistics and vaulting companies who are active in the Loco London Market must apply for Full Membership. Those active in other markets internationally may apply for Affiliate Membership.
    • Refineries must be listed as an accredited GDL Refinery before they may apply for any classification of membership.
    • GDL refiners may apply for Full or Affiliate Membership but must attain the appropriate level of attestation from 3 other LBMA Members in accordance with the requirements of each classification of membership.
  • What steps should a Member take if there are changes within its business?

    Members must promptly notify LBMA if there has been a change in:

    • Name.
    • Registered address.
    • Ownership or majority shareholding and in particular where any person becomes or ceases to be, or proposes to become or cease to be, [a controller].
    • Corporate/partnership structure.
    • LBMA primary contact.
    • Any permission(s) or relevant exclusion(s) used by such person to carry on a regulated activity by the UK Financial Conduct Authority (or an equivalent regulator) – for example if there has been a variation or cancellation of a permission; or
    • Any other particulars provided in the original application.

    This notification must be in writing addressed to the Chief Executive and sent to the LBMA Office. Changes will be reviewed by the Membership Compliance Panel.

  • What should a company do if it wishes to resign its membership?

    Members may, at any time, resign their LBMA membership by giving notice in writing to LBMA and shall thereupon cease to be a Member. The annual subscription fee shall be payable in full for the year during which such resignation or termination of Membership occurs. If the Member has already paid its annual subscription fees, the Member shall not be entitled to recover such payment or any part thereof from LBMA.

  • Where can I get further information?

    For more information about joining LBMA, please contact us at membership@lbma.org.uk

  • How much are the Good Delivery annual maintenance fees?

    From 2015, the Good Delivery annual maintenance fees are as follows:

    • Gold or Silver (1 metal) - £8,400
    • Gold and Silver (2 metals) - £12,600
  • What was the reason for the increase in fees?

    During the past decade there is been a significant increase in Good Delivery associated initiatives including: Pro-active Monitoring, Proficiency Testing, Certified Reference Materials and Regulatory work associated with REACH and Responsible Gold. The substantial increase in fees will enable the LBMA to continue to provide the necessary level of support to the GDL Refiners operating in the London Market into the future.

  • How often are the fees reviewed?

    Going forward, fees will be reviewed annually.

  • Are bars other than standard 400 ounces for gold and 1,000 ounces for silver that have been produced by a refiner on the Good Delivery List also considered as being London Good Delivery?

    The weight of bars must fall within the range specified in the Good Delivery Rules. Bars such as kilobars, 100-ounce and smaller bars are not acceptable in the London wholesale market, (though they may be in other markets or exchanges). For further details on kilobars produced by GDL refiners visit www.goldbarsworldwide.com.

  • How long must a refiner be in business before it is eligible to apply for Good Delivery status?

    The company should have been in business for five years and the refinery should have an operating history of three years.

  • Is there a minimum requirement for a company's net worth in order to apply for Good Delivery?

    Yes, It should be at least the equivalent of £15 million.

  • What is the average length of time from the submission of an application to achieving Good Delivery status?

    This varies depending on how quickly the company is able to provide any additional information that may have been missing from its initial application and how long it takes to provide the sample bars following successful completion of the assay test.

    Delays may also be encountered in the shipping of samples and the payment of fees, which will lengthen the overall application procedure. The minimum timescale from the submission of a complete application to accreditation is approximately four months but an average of approximately 6 months is more likely.

  • What is the Former List?

    The Former Lists include:

    1. Refiners who no longer produce bars at the locations listed;
    2. Refiners whose bars are no longer accepted as Good Delivery by the London Bullion market;
    3. Bars whose brand mark has been changed (in which case the current brand mark is described in the Current Gold or Silver List).
    4. Assayer-only companies which were previously granted Good Delivery status. Refiners are now expected to have the ability to assay as well as refine to the required standard.
    5. However, bars produced by these refiners prior to their transfer to this list on the date given below continue to be acceptable as Good Delivery. The LBMA reserves the right to de-list bars after an appropriate period of time in cases where production has ceased.

  • What are some of the reasons that a refiner might be transferred to the Former List?

    There are a number of separate cases, which can relate either to a particular bar (as determined by its dimensions and/or marks) or to a particular refinery. A refinery may be transferred to the Former List if:

    1. Its ownership has changed and the new owners are unable to provide satisfactory evidence of their bona fides
    2. It requests to be removed (for instance because it does not wish to pay the annual maintenance fee)
    3. It ceases production
    4. Its tangible net worth falls consistently below the LBMA minimum of £15 million
    5. Its production of refined metal falls consistently below the minima specified by the LBMA (10 tonnes pa for gold and 50 tonnes pa for silver)
    6. It fails to maintain the technical standards shown in the LBMA's Good Delivery Rules
    7. It does not respond adequately to justifiable customer complaints
    8. A previously registered bar (as defined by its dimensions and marks) may be transferred to the Former List for one or more of the reasons listed below, while the refiner continues to be listed but with a modified bar:
      • a. The form or dimensions of the bar do not meet current requirements
      • b. The marks on the bars have been modified. For instance, a company may change from a portrait to a landscape format. Other reasons for such changes include rebranding by the company (e.g. using a new logo) or a change of ownership (i.e. a new name).
  • Once a refiner is transferred to the Former List, are the bars that it produced while on the Good Delivery List still considered Good Delivery?


  • What steps might the LBMA take if it received complaints about the quality of bars produced by a refiner?

    The LBMA would investigate the complaint, if necessary including an examination the bars and if the complaint appeared justified it would write to the refiner asking it to "stand behind" its bars by making appropriate restitution to the customer.

  • What is the reason for the weight tolerance on Good Delivery silver bars?

    The main reason for having a tolerance on the weight of Good Delivery bars is because in the overwhelming number of cases they are produced by being cast into open moulds.

    This involves the caster pouring the molten metal from a ladle and judging essentially by eye when the mould is full.

    The LBMA has never tried to enforce a totally uniform approach to the dimensions of Good Delivery bars. As long as the bars are within the range specified in the Good Delivery Rules, they are considered to be acceptable in principle. The idea behind the recommended range is the facilitation of manual handling (not just in the London vaults but also in the markets where bars are consumed) while at the same time minimising the number of operations involved in the refinery, the vault and at the point of consumption.

    There are three ranges that could be mentioned:

    (a) 500 to 1250 troy ounces

    (b) 750 to 1100 troy ounces

    (c) 900 to 1050 troy ounces

    Range (a) was in force until 1999. It was then replaced by a range (b), the current range, because the lower limit of 500 would mean that many bars would have to be produced and processed for a given tonnage while the upper limit of 1250 gave bars which were dangerously heavy for manual handling. Although it is not mandatory, refiners are asked to produce bars within range (c) essentially because this facilitates the assembly of uniform pallets.

  • Information on Bar Numbers for Russian and Uzbek Bars

    The common approach adopted by LBMA Good Delivery refiners in Russia and Uzbekistan is to use a 4-digit bar number plus a 2-Cyrillic letter code (which changes with each resetting of the bar number to 0001) and a separate 4-digit year code. The combination of the company's brand mark, the two Cyrillic letter code and the 4-digit bar number provides a unique identifier for every bar.

    Some London vaults have used the nearest Roman equivalent to the two Cyrillic characters as part of the bar number. These provide a unique identifier and such bar numbers will continue to be used as bars move within the London vaulting system.

    Other vaults have ignored the Cyrillic letters when recording the bars in their information systems. This can result in the same 4-digit bar numbers appearing more than once in bar lists (though each of them has a different Cyrillic code).

    In order to avoid this apparent duplication, LBMA vaults will, from February 2010, record such bars with an 8-10 digit bar number formed from the 4-digit year concatenated with the 4-digit bar number and the vault manager may also additionally include a maximum of two alpha characters being the Roman equivalent of the Cyrillic characters shown on the bar.

    Occasionally older bars with Cyrillic letter codes but no year marks arrive in London. In such cases, the receiving vault should use the nearest Roman equivalent to the Cyrillic characters as the first characters of the bar number.

  • Information on serial numbers for Russian Bars

    Since January 2018, gold and silver bars can be marked with up to five significant figures, however, it must have a point or comma delimiter to avoid confusion and potential ambiguous additions. The weight list would only include four significant figures.

  • Which Security Companies are LBMA Members?
    • Brink’s
    • IBI International Logistics (UK) Ltd (Formerly known as G4Si)
    • Helveticor AG (LBMA Member, effective Aug 2020)
    • Loomis International
    • Malca Amit
  • What are the clearing statistics?

    These are the net volume of loco London gold and silver transfers settled between clearing members of the LBMA.

  • What is included in the statistics?

    Loco London transfers from one party in a clearing member's books to another party in the same clearing member's books or in the books of another clearing member. They also include physical transfers and shipments by clearing members and transfers over clearing members' accounts at the Bank of England. Excluded from the statistics are allocated and unallocated balance transfers where the sole purpose is for overnight credit and physical movements arranged by clearers in locations other than London.

  • What is the frequency of the statistics?

    They are compiled monthly and represent the average amount of metal transferred on average each day measured in millions of troy ounces.

  • Do the LBMA publish any other statistics on clearing?

    The LBMA also publish the average value of transfers measured in US $, using the monthly average London pm fixing price for gold and the average London fixing price for silver. The value of gold transfers are measured in billions of US dollars and the value of silver in millions of US dollars. The LBMA also publish the average number of gold and silver transfers recorded each day.

  • Who are the clearing members of the LBMA?

    There are five members of the LBMA who offer clearing services, who collectively have formed a company called the London Precious Metals Clearing Limited (LPMCL). They are The Bank of Nova Scotia-ScotiaMocatta, HSBC, ICBC Standard Bank, JP Morgan Chase and UBS AG.

  • Who accredits companies to provide vaulting services to the London bullion market?

    The LBMA does not accredit institutions to provide vaulting services to the London bullion market. Instead the London Precious Metal Clearing Limited (LPMCL) provides formal recognition of companies to provide vaulting services.

  • Who provides vaulting services for the London bullion market?

    Below is a list of vaulting companies which are acceptable to individual LPMCL Members. This summary is not intended to imply that LPMCL has approved such vaults. Vaults must have LBMA Approved Weigher status:

    • Bank of England
    • Brink’s
    • G4S
    • HSBC
    • ICBC Standard
    • JP Morgan
    • Loomis International
    • Malca Amit