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Gold and Precious Market

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  • #112628 Reply
    Rinku Das (Hazra)
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    Safe Haven Assets

    ARTICLES OF ASSOCIATION OF THE LONDON BULLION MARKET ASSOCIATION [LBMA]

    EXTRACT

    (as amended by Special Resolutions passed on
    31st March 1993, 29th February 2000, 11th June
    2009, 20th June 2012, 29th June 2016 and 13th
    October 2020)

    1- In these presents the words set out in the first column of the Table below shall bear the
    meanings set opposite to them respectively in the second column thereof, if not inconsistent
    with the subject or context:

    The Act– The Companies Act 2006;

    Affiliate Members Means- an organisation appointed as an Affiliate Member of the Association in accordance with the requirements of these Articles and any Rules in force from time to time;

    The Association- The above-named company;
    The Board- The board of directors of the Association;

    Business Day- Any day on which the London gold market or the London silver market or the London platinum market or the London palladium market, as appropriate, is open for business;
    The Chairman and the Vice Chairman- The chairman and the vice chairman for the time being of the Association respectively;

    Clear days- In relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;

    The Chief Executive- The senior permanent employee of the Association, as appointed fromtime to time who is ex officio a member of the Board;

    Clearing Members Market Making Members that also provide generally the service of clearing gold, silver, platinum and/or palladium;

    The Code- The UK Corporate Governance Code issued by the Financial Reporting Council (or any relevant entity which may replace it in such function in the future), the most recent version of which was issued in 2018;

    Full Member Means an organisation appointed as a Full Member of the Association inaccordance with the requirements of these Articles and any Rules in forcefrom time to time;

    Market Maker- A person, company or organisation which represents itself as consistently willing to quote prices and enter into transactions, as principal, for the purchase and sale of gold and/or silver for spot or for forward settlement or of options on gold and/or silver, in the London gold and silver market, at prices determined by it generally throughout recognised working hours each Business Day;

    Market Making Member Shall have the meaning given to it in Article 5(a);
    Member The voting members of the Association as defined in Article 4;
    Month Calendar month;
    The Office The registered office of the Association;
    Non-Executive Director Shall mean a non-executive member of the Board appointed in accordance with Article 37 who shall be (in the Board’s determination)independent in character and judgement with no current or prior relationships or circumstances which would be likely to, or could appear to, affect their judgement;

    These presents- These Articles of Association as amended from time to time;

    Proxy- A person authorised to attend and vote in the place of a Member inaccordance with Section 324 of the Act;

    Representative- A representative of a Member appointed in accordance with Section323 of the Act;

    The Rules- The Rules (if any) of the Association made by the Association pursuantto these presents;

    The seal- The common seal of the Association;
    The Secretary- The secretary for the time being of the Association;
    Standing Committee- A permanent sub-committee of the Board with specific terms of reference and powers established by the Board;

    The Statutes- The Act and every other act of Parliament for the time being in force concerning companies in the Association;

    The United Kingdom- Great Britain and Northern Ireland;

    In writing- Written, printed or lithographed, or partly one and partly another, and other modes of representing or producing words in a visible and non- transitory form.

    GENERAL MEETINGS

    16. The Association shall hold a General Meeting in every calendar year as its Annual General
    Meeting at such time and place as may be determined by the Board, and shall specify the
    meeting as such in the notice calling it, provided that every Annual General Meeting except
    the first shall be held not more than 15 months after the holding of the last preceding Annual
    General Meeting and that so long as the Association holds its first Annual General Meeting
    within 18 months after its incorporation it need not hold it in the year of its incorporation
    or in the following year.

    1. The Chairman of the Board shall preside as chairman at every General Meeting, but if there be no such Chairman, or if at any meeting the Chairman shall not be present within 15 minutes after the time appointed for the holding of the same, or shall be unwilling to preside, the Vice Chairman shall preside but if there be no such Vice Chairman, or if at any meeting the Vice Chairman shall not be present within 15 minutes after the time appointed for holding the same, or shall be unwilling to preside, the Members of the Association present shall choose the Chief Executive, failing whom, some other member of the Board to preside, or if no such member be present, or if all the members of the Board present decline to take the chair, they shall choose some Member of the Association (or the Representative of some Member) who shall be present to preside. A member of the Board shall, notwithstanding that they are not a Member of the Association, be entitled to attend and speak at any General Meeting and at any separate meeting of any class of Members of the Company. Notwithstanding Article 5(c) Affiliate Members shall be entitled to attend and speak at General Meetings and Annual General Meetings.

    POWERS OF THE BOARD

    50. The business of the Association shall be managed by the Board who may pay all such expenses of, and preliminary and incidental to the promotion, formation, establishment and registration of the Association as they think fit, and may thereafter exercise all such powers of the Association, and do so on behalf of the Association all such acts as may be exercised and done by the Association, and as are not by the Statutes, by these presents or by any Rules made by virtue of these presents required to be exercised or done by the Association in General Meeting, subject nevertheless to any regulations of these presents, to the provisions of the Statutes, to any Rules made by virtue of these presents and to such regulations, being not inconsistent with the aforesaid regulations, provisions or Rules, as may be prescribed by the Association in General Meeting; but no regulation made by the Association in General Meeting shall invalidate any prior act of the Board which would have been valid if such regulation had not been made. The powers given by this regulation shall not be limited by any special power given to the Board by these presents and a meeting of the Board at which a quorum is present may exercise all powers exercisable by the Board.

    INDEMNITY

    89. Subject to the provisions of the Statutes every member of the Board, Chief Executive, Secretary, Auditor or other officer of the Association shall be indemnified by the Association against all costs, charges, losses, expenses and liabilities suffered or incurred by him/her in the execution and discharge of his/her duties or in relation thereto. The Board is empowered to procure insurance, at the expense of the Association, against such liabilities on behalf of the Association, and on behalf of the Board, the Chief Executive and other officers of the Association.

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    • #112629 Reply
      Rinku Das (Hazra)
      Guest

      Gold Price Benchmarks

      The LBMA Gold Price and LBMA Silver Price are the global benchmark prices for unallocated gold and silver delivered in London. Both the Gold and Silver Prices are regulated Commodities Benchmarks under the EU Benchmarks Regulation. The Prices are administered by ICE Benchmark Administration.

      Regulatory Resources – EU Benchmarks Regulation (2016/1011)

    • #112630 Reply
      Rinku Das (Hazra)
      Guest

      About the LBMA Gold Price and LBMA Silver Price

      The LBMA Gold Price and LBMA Silver Price are the global benchmark prices for unallocated gold and silver delivered in London.

      Producers, the investment community, banks and central banks, fabricators, jewellers and other consumers as well as market participants from around the globe, transact during the IBA Gold and Silver Auctions and use the benchmarks as reference prices.

      The ability to transact and reference a single transparent price, produced by a regulated benchmark administrator provides significant benefits to the market. The LBMA Gold Price and LBMA Silver Price facilitate spot, monthly averaging, cash-settlement, location swaps, fixed for floating swaps, options and other derivative transactions important to price risk management.

      RESOURCE:Intercontinental Exchange, Inc.

    • #112631 Reply
      Rinku Das (Hazra)
      Guest

      Who can apply to become a Full Member of the LBMA?

      Full membership of LBMA is available to companies in the UK and abroad. All Members must be operational in areas that are closely related to the London bullion market. These activities include trading, broking, shipping and storage, mining, refining, inspection and assaying and research. For companies who trade bullion and derivatives, this means trading bullion or related derivatives, such as forwards and options, in the Loco London market with at least three existing members. Membership on the part of individuals is not permitted.

    • #112632 Reply
      Rinku Das (Hazra)
      Guest

      International Bullion Centre

      The 12 IBCs operate important market infrastructure for bullion trading activities. This includes trading exchanges; storage facilities; processing, recycling and refining facilities; international and domestic logistics facilities; domestic consumption; and regulatory oversight. The breadth of the activities undertaken within these IBCs and the involvement of international counterparties mean these centres can be vulnerable to responsible sourcing risks. Responsible sourcing vulnerabilities in IBCs can and will cause a negative impact for the financial institutions, refiners, investors, mints, jewellery and electronic companies who rely on the integrity of the bullion market.

    • #112633 Reply
      Rinku Das (Hazra)
      Guest

      Accredited refiners of GOLD

      To be accepted onto the Good Delivery List refiners must undergo stringent checks on their:

      History in the market
      Financial standing
      Ability to produce bars that meet our exacting standards
      Minimum levels of production.

      They must implement LBMA’s Responsible Gold and/or Responsible Silver Guidance. See the Good Delivery Rules for further information. Refiners accepted onto the Good Delivery Lists commit to:

      Adhering to LBMA’s Responsible Sourcing Programme

      Producing bars which meet LBMA Good Delivery Rules
      Shipping to approved vaults in London.

      Once accepted into a London vault as Good Delivery, bars are then traded freely between institutions within the market.


      SOURCE: London Bullion Market Association

    • #112634 Reply
      Rinku Das (Hazra)
      Guest

      LBMA Precious Metal Prices

      Gold, silver, platinum and palladium price auctions take place daily in London and we publish prices with a delay to midnight London time on the day they are set. Real-time LBMA Precious Metals Prices are available from market data redistributors or the administrators, IBA (gold and silver prices) and LME (platinum and palladium prices).

      IBA independently administers the price and provides the auction platform on which the LBMA Gold Price is calculated, while LBMA own the intellectual property rights. The platform is electronic, tradeable, auditable and in line with the IOSCO Principles for Financial Benchmarks. Any party using the LBMA Gold Price for valuation and pricing activities requires a usage licence with IBA.

    • #112635 Reply
      Rinku Das (Hazra)
      Guest

      LBMA Precious Metal Prices

      Gold, silver, platinum and palladium price auctions take place daily in London and we publish prices with a delay to midnight London time on the day they are set. Real-time LBMA Precious Metals Prices are available from market data redistributors or the administrators, IBA (gold and silver prices) and LME (platinum and palladium prices).

      IBA independently administers the price and provides the auction platform on which the LBMA Gold Price is calculated, while LBMA own the intellectual property rights. The platform is electronic, tradeable, auditable and in line with the IOSCO Principles for Financial Benchmarks. Any party using the LBMA Gold Price for valuation and pricing activities requires a usage licence with IBA.

      There are sixteen direct participants who have been on-boarded to contribute to the LBMA Gold Price.

      Bank of China
      Bank of Communications
      Citibank, N.A. London Branch
      Coins ‘N Things Inc.
      DRW Investments, LLC
      Goldman Sachs
      HSBC Bank USA NA
      Industrial and Commercial Bank of China (ICBC)
      Jane Street Global Trading, LLC
      JPMorgan Chase Bank, N.A. London Branch
      Koch Supply and Trading LP
      Marex
      Morgan Stanley
      Standard Chartered Bank
      StoneX Financial Ltd
      Toronto-Dominion Bank

    • #112636 Reply
      Rinku Das (Hazra)
      Guest

      LBMA Precious Metal Prices

      Gold, silver, platinum and palladium price auctions take place daily in London and we publish prices with a delay to midnight London time on the day they are set. Real-time LBMA Precious Metals Prices are available from market data redistributors or the administrators, IBA (gold and silver prices) and LME (platinum and palladium prices).

      IBA independently administers the price and provides the auction platform on which the LBMA Gold Price is calculated, while LBMA own the intellectual property rights. The platform is electronic, tradeable, auditable and in line with the IOSCO Principles for Financial Benchmarks. Any party using the LBMA Gold Price for valuation and pricing activities requires a usage licence with IBA.

      There are sixteen direct participants who have been on-boarded to contribute to the LBMA Gold Price.

      Bank of China
      Bank of Communications
      Citibank, N.A. London Branch
      Coins ‘N Things Inc.
      DRW Investments, LLC
      Goldman Sachs
      HSBC Bank USA NA
      Industrial and Commercial Bank of China (ICBC)
      Jane Street Global Trading, LLC
      JPMorgan Chase Bank, N.A. London Branch
      Koch Supply and Trading LP
      Marex
      Morgan Stanley
      Standard Chartered Bank
      StoneX Financial Ltd
      Toronto-Dominion Bank

      From 1 April 2015 the LBMA Gold Price became a regulated benchmark, as it is a specified benchmark’ for the purposes of Art 63O of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

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