LBMA-i is the transparency service for the precious metals market delivered by Simplitium in partnership with Autilla
Meeting Regulatory Demand
London is the centre of the over-the-counter (OTC) precious metals market, with participants from across the world. Despite this, the exact size of the market has never been known.
LBMA-i was formed in direct response to the LBMA’s demand for a trade reporting service that improves the transparency, generates liquidity and meets regulatory demand in the bullion market. To achieve this, the service collates anonymous and aggregated data from LBMA members and publishes the total volumes traded in Loco London and Zurich.
Due to there being no central counter party and given the size, sensitivity and diversity of market participants, reporting trades collectively and determining the precise size of the precious metals market has been notoriously difficult. As a result, the OTC market has thus far had to rely on surveys to gauge gross turnover, which is neither time nor cost effective. This what makes LBMA-i truly ground-breaking: for the first time in history, the service will make it possible for market participants to gauge the size and shape of the precious metals market.
Simplitium was appointed as LBMA’s trade reporting service provider in 2016 following an exhaustive selection process. Simplitium’s experience in trade reporting and proven ability to handle sensitive and confidential client data gave LBMA full confidence in Simplitium as the selected service provider. LBMA is the world’s authority for the global precious metals market. LBMA has 150 members based in over 30 countries and they encompass every part of the journey in precious metals production. LBMA-i is the exclusive reporting service for all trading members of LBMA and was launched in Q1 2017.
Confidentiality & Reliability
Ensuring that the data submitted by the LBMA members is kept strictly confidential is paramount to effective trade reporting. LBMA-i’s ability to leverage Simplitium’s experience in trade reporting is key to its success. Simplitium has securely managed sensitive client data for over ten years, with 100% uptime and without a single incident, outage or loss of data.
“This is one of the most significant transparency solutions since the introduction of MiFID in 2007”
Jamie Khurshid, CEO of Simplitium.