Citibank become full market maker for LBMA

UNITED STATES March 16 2016 11:30 PM 

LONDON (Scrap Register): Citibank NA will be one of five Full Market Makers for the London Bullion Market Association, providing quoting prices spot, forwards and options for gold and silver markets, the LBMA announced on Wednesday. 

Citibank joins the ranks of Goldman Sachs International, HSBC, JPMorgan Chase and USB AG. Citibank’s promotion will be in effect Friday. 

“In deciding on the issue of reclassification, the Committee takes account of the views of the other Market Makers on the performance of the candidate company during an approximately three month probationary period,” the LBMA says in a press release. 

Along with the five full Market Makers, the LBMA also has nine regular market makers that provide quote for only one or two of the markets: Bank of Nova Scotia – ScotiaMocatta, Barclays Bank Plc, BNP Paribas, Credit Suisse, Merrill Lynch International, Morgan Stanley & Co International, Societe Generale, Standard Chartered Bank and Toronto- Dominion Bank.