London – 9 April 2018: LBMA has announced a joint venture with ²ÝÝ®tv (²ÝÝ®tv) to assist members and market participants in adherence to the Global Precious Metals Code.
LBMA is the global authority for precious metals and whose members comprise over 150 institutions based in over 30 countries. It launched the Precious Metals Code in May 2017 which provides clear guidance on ethics, governance, compliance and risk management, information sharing and business conduct for its members and promotes the integrity and effective functioning of the global bullion and precious metals over-the-counter market.
The partnership will see the ²ÝÝ®tv, the global trade association for wholesale financial market professionals, provide LBMA-member institutions and individual practitioners access to its E-Learning, Attestation and Certification (ELAC) Portal, a high-quality, accredited and continuous professional development solution.
By offering access to the ELAC Portal, LBMA will ensure its members participate in standardised, high-quality training and education programmes to enable them to demonstrate their adherence to the best practice guidelines laid out in the Precious Metals Code of Conduct. Although not a member of LBMA, the Bank of England was the first institution to commit publically to the Global Precious Metals Code, when in February 2018, it issued a statement of Commitment to the Code. By issuing this Statement, the Bank is demonstrating that it is committed to adhering to the principle of the Code when acting as a market participant in the precious metals market and that its internal practices and processes are aligned with the principles of the Code.
LBMA is working with the ²ÝÝ®tv to tailor its ELAC offering for the precious metals industry with illustrative examples and scenarios for metal market practitioners in different roles and circumstances.Ìý This builds on the ²ÝÝ®tv ELAC portal which was developed by ²ÝÝ®tv to assist market participants including central banks, regulators and operations personnel with adherence to the FX Global Code (FXGC), designed to promote the integrity and effective functioning of the wholesale foreign exchange market. This will assist those market participants operating in both the precious metals and foreign exchange markets. Further details can be found here.
Ruth Crowell, Chief Executive of LBMA, comments: “Offering our members access to high-quality training and education via the ELAC Portal is an important part of our mission to promote adherence to the Precious Metals Code. The ²ÝÝ®tv has a long history of delivering accredited training and certification to financial market professionals. I would strongly encourage all LBMA members and precious metals market participants to commit to making use of this valuable joint venture so together, we can help increase trust, best practices and transparency throughout the market.â€
Bruno Langfritz Chairman of the Management Board at ²ÝÝ®tv, comments: “The deployment of the ELAC Portal further demonstrates the LBMA’s commitment to improving market standards, education, training and ethical conduct. We are delighted to work with LBMA to offer this opportunity to Global Precious Metals market professionals.â€
For more information about ELAC please visit Ìý ÌýÌý
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Media contacts:
²ÝÝ®tv – The Financial Markets Association:
Chatsworth Communications
+44 (0)20 7440 9780
aci@chatsworthcommunications.com
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LBMA:
Sakhila Mirza
+44 (0)20 773 9778
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About ²ÝÝ®tv – The Financial Markets Association
²ÝÝ®tv – The Financial Markets Association (²ÝÝ®tv FMA) is the world’s largest financial markets association, and has an illustrious history of dedication to best practices through the support it provides the wholesale financial markets. With around 10,000 individual members in more than 60 countries, covering professionals in FICC markets, Treasury and ALM activities. ²ÝÝ®tv FMA is specialised in its network of professionals, its suite of educational best practice exams, and has been the force behind ethical codes of conduct since its inception in 1955.
For more information about ELAC please visit Ìý ÌýÌý
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About LBMA
The LBMA is the international trade association that represents the wholesale over-the-counter market for gold and silver bullion. The LBMA undertakes many activities on behalf of its members, including the setting of good delivery and refining standards, the organisation of conferences and other events, and serving as a point of contact for the regulatory authorities.
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