The London Bullion Market Association – LBMA
The LBMA is an international trade association, representing the London market for gold and silver bullion which has a global client base. This includes the majority of the gold-holding central banks, private sector investors, mining companies, producers, refiners and fabricators.
The on-going work of the Association covers a number of areas such as refining standards, trading documentation and the development of good trading practices. The maintenance of the Good Delivery List, including the accreditation of new refiners and the regular retesting of listed refiners, is the most important core activity of the LBMA.
Accreditation on the LBMA Good Delivery List is widely recognized as the benchmark standard for the quality of gold and silver bars, due to the stringent criteria that an applicant must satisfy. The unity which approves the accreditation only after implementing extremely difficult criteria by an independent arbitrator and a series of heavy testing presupposes organization’s strength of the financial structure, prestige and having proven itself in the industry in which it operates in order to gain acceptance.
Borsa Istanbul (BIST)
Borsa İstanbul A.Ş. convened all the exchanges operating in the Turkish capital markets under a single roof and started its operation on the 3rd April, 2013.
The main purpose and field of activity of Borsa İstanbul is described as follows: “In accordance with the provisions of the Law and the related legislation, to ensure that capital markets instruments, foreign currencies, precious metals and gems, and other contracts, documents, and assets approved by the Capital Markets Board of Turkey are traded subject to free trade conditions in a facile and secure manner, in a transparent, efficient, competitive, fair and stable environment; to create, establish and develop markets, sub-markets, platforms, systems and other organised market places for the purpose of matching or facilitating the matching of the buy and sell orders for the above mentioned assets and to determine and announce the discovered prices; to manage and/or operate the aforementioned or other exchanges or markets of other exchanges; and to carry out the other activities listed in its Articles of Association.”
Borsa İstanbul Members consist of the intermediary institutions authorized to operate in the capital market and institutions authorized to operate in the Precious Metals and Diamond Markets.
DMCC – Dubai Multi Commodities Center Authority
Established in 2002 as a strategic initiative of the Government of Dubai with a mandate to provide the physical market and financial infrastructure required to set up and operate a thriving commodities marketplace.
The DGD standard is an international benchmark for quality and technical specification in the production of gold and silver for the DGCX. The objective of the standard is to increase confidence in the industry, create opportunities for trade finance activities and to provide the technical robustness in line with globally accepted practices. The DGD standard for the DGCX prescribes 1kg gold bars of 99.5% purity and standard silver bars ranging from 900-110 ounces at a minimum 99.9% purity.