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One of the recommendations from the Fair and Effective Markets Review (FEMR) jointly issued by the Bank of England, UK Financial Conduct Authority and HM Treasury in June 2015 was to improve transparency in the bullion market.
The 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), has since taken significant steps towards creating a more transparent marketplace.
One way in which the LBMA wants to improve the transparency in the market is by revealing the real size and liquidity. In order to achieve this, the LBMA released an RFP in 2016 with the aim of finding a technology partner that could deliver new services to the precious metals market and in doing so improve transparency, efficiency and expand the technology requirements in the market.
In October 2016, the LBMA announced Simplitium, in a joint submission with Autilla, as the chosen provider for the transparency project.
The size, sensitivity and diversity of market participants in the precious metals market makes it notoriously difficult to report trades collectively and hence determine the precise size of the market at a given time.
Due to there being no central counter party that can efficiently capture and report all trades, the OTC market has historically had to rely on surveys to gauge gross turnover. This process is neither time or cost effective, which is why the LBMA chose LBMA-i as the exclusive trade reporting service for all its members.
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