UNITED KINGDOM May 26 2017 4:24 PM
LONDON (Scrap Register): In order to strengthen the gold market regulations, The London Bullion Market Association has launched 'Global Precious Metal Code'.
"The code is intended to define a robust, fair, effective and transparent market where all participants are able to transact following best practice guidelines," as per London Bullion Market Association (LBMA).
As per the LBMA chairman, the code is an important step in building rust, consistency and transparency throughout the market. “I would strongly encourage all participants in the global precious metals markets to follow the principles it sets out," he also quoted.
The LBMA stated that, their more than 140 members which include banks, refiners, traders, and fabricators will be required to sign a statement of commitment to the code, which will be mandatory from June 2018.