Simplitium has been providing transparency services to the finance industry for over 10 years. During this time, our team of experts have leveraged their experience to deliver market leading services.
Simplitium has had 100% uptime since its inception in 2007
World Class Technology
Our core technology is provided by Cinnober, the world leading independent provider of trading, clearing and market surveillance solutions
The Fair and Effective Markets Review (FEMR) was a comprehensive and forward-looking assessment of the way fixed income, currency and commodity (FICC) markets operate. It was led by the Bank of England, and co-chaired by the FCA and HM Treasury. The three organisations published the final report of the review, including findings and recommendations, on 10 June 2015.
Amongst the recommendations was a call for greater clarity in financial markets. While LBMA does already issue clearing statistics for gold and silver, it acknowledged that this was not a full picture of the size of the global precious metals markets. Particularly given that many flows are simply netted off. Accordingly, London Bullion Market Association (LBMA), the international trade association that represents the wholesale over-the-counter (OTC) market for precious metals (Gold, Silver, Platinum, Palladium), issued a Request for Proposal (RfP) in 2016 to select a partner who could devise an appropriate mechanism to fully determine the size of the OTC traded market for gold, silver, platinum and palladium.
The issuing of the RfP followed a strong positive response to the Request for Information with 20 entities submitting 17 responses. These entities included exchange groups, technology firms, brokers and data vendors. From these responses a short list of five service providers were selected to participate in the RfP process. In October 2016, LBMA Board announced that Simplitium (previously known as Boat Services Ltd), in a joint submission with Autilla, had been chosen to provide the interface for this project which is known as LBMA-i. It is mandatory for all LBMA members to participate in LBMA-i by reporting their transactions and there are sanctions for companies that do not comply.
Not only will the true size of the market be known for the first time but the data collected will help form LBMA’s dialogue with regulators on matters such as NSFR and other measures under Basle 3’s Net Stable Funding Ratio.
Joining forces, Simplitium and Autilla launched LBMA-i in January 2017 in order to deliver the transparency service required in the bullion market.
The transparency that LBMA-i is introducing is creating a more accurate picture of the size and shape of the market; promoting transparency for existing and potential investors; and stimulating confidence in the liquidity and efficiency of the OTC market.
By enhancing the transparency, LBMA-i is revitalising the forward market and helping market participants better understand gross turnover and liquidity in loco London and Zurich.
“Trade reporting will mark a new era of transparency for the OTC Market” Ruth Crowell, Chief Executive of the LBMA.
Simplitium has provided market leading OTC transparency services for over a decade, helping investment firms and banks comply with their trade transparency obligations. During this time Simplitium has had 100% uptime without any outages, incidents or losses of data.
Autilla has over 50 years of experience in the bullion market and is a cutting-edge fintech firm with extensive knowledge in how to deliver comprehensive fintech solutions. With over 50 years of precious metals experience and market leading OTC trade reporting technology, Simplitium and Autilla are ideally placed to deliver the service.
“This is an innovative and dynamic technology combination and as such are an excellent fit to deliver the services and infrastructure requirements on behalf of the precious metals market.” Ruth Crowell, Chief Executive of the LBMA.
“We take pride in being the partner for the LBMA’s vision for greater transparency in the precious metals market landscape,” Jamie Khurshid, CEO of Simplitium