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June 21, 2024
PI Global Investments
Precious Metals

Bank of England renews its commitment to adhere to the Global Precious Metals Code


News release

The Bank of England (‘BoE’) has renewed the Statement of Commitment (‘Statement’) to the Global Precious Metals Code (‘Code’) based on the revised Code dated December 2022. The Code sets out the standards and best practice expected from market participants in the global precious metals market. It was first published in 2017 and updated by the London Bullion Market Association (‘LBMA’). By signing the Statement, the BoE attests that its internal processes are consistent with the principles of the Code. 

To continue to support the objective of the Code for a robust, fair, effective, and transparent global precious metals market, the BoE strongly encourages all market participants, including its regular counterparties, to adhere and commit to the updated Code. 

Bank of England statement of commitment

Notes

The Code was published in May 2017 by the LBMA and sets out a common set of principles to promote the integrity and effective functioning of the wholesale precious metals market. LBMA members are required to attest to this Code.



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