Full content Thu gọn # 13. Futures Markets and Exchange | LBMA
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13. Futures Markets and Exchange | LBMA Find out more Register for the Global Precious Metails Conference in Sorrento, Italy Global Global 中文網站 Contact About About About LBMA Our Team LBMA Board Independent Decision-Making Committee LBMA Sub-Committees Origins of the London Bullion Market History of Global Trade in Bullion Member login Market Standards Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. Market Overview About Loco London A Guide to the Loco London Precious Metals Market Training and Education Our Standards Market Standards Global Precious Metals Code Good Delivery Responsible Sourcing Incident Review Process Regulation Resources Financial Regulation Due Diligence Regulation REACH Review Process Case Studies HQLA WGC and LBMA Launch Joint HQLA Website Gold and HQLA: Correcting Misleading Online Information LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market Read now Membership Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. Overview About Membership Current Members Rules for Members Become a Member How to Join Membership Eligibility Membership Benefits LBMA Subscriber Membership FAQs Already a Member? Login to stay updated with LBMA Member news and events Log in here Good Delivery Good Delivery The standard trusted around the world, Good Delivery guarantees metal quality in the market. LBMA owns and manages the Good Delivery Lists for both gold and silver. Overview About Good Delivery Good Delivery Rules and Governance Good Delivery FAQs Lists Good Delivery Current List Data Good Delivery Former List Data Russian Good Delivery Bars Information Application Process How to apply for Good Delivery accreditation Advancing Standards Proactive Monitoring Proficiency Testing Scheme Resources Reference Materials Vault Operators Training Visual Guide Physical Market Guidelines Past Assaying and Refining Conferences Good Delivery Newsletters GBI Gold Bar Security Features Gold Bar Integrity Ecosystem GDL Newsletter Read the latest newsletter from our Good Delivery team on Committee updates, refinery visits and more Read now Responsible Sourcing Responsible Sourcing All LBMA Good Delivery List Refiners must adhere to our Responsible Sourcing Programme. With annual independent auditing and public reporting, the Programme builds global demand for responsible sourcing. Overview Responsible Sourcing Approved Assurance Providers Overview Approved Assurance Providers LBMA's ASM Initiative Guidance & Tools Guidance Documents Refiners Toolkit Consultations Public Consultation: Responsible Gold Guidance Version 10 Disclosure Guidance Version 3 Resources International Bullion Centre Recommendations Introductory Training Module Responsible Sourcing FAQs Reporting Country of Origin Data Sustainability and Responsible Sourcing Reports Responsible Sourcing Newsletters Review Process Case Studies LBMA Position on the North Mara Mine Claim Supporting Pathways for Responsible ASM LBMA’s new report explores the progress made between 2022-2025 to help build the foundations for greater inclusion of responsibly sourced ASM gold in formal supply chains. Read now Responsible Gold Guidance V10: Public Consultation RGG10 draws on implementation experience since the introduction of V9, developments in responsible sourcing practice, and LBMA’s commitment to continuous improvement. Discover more Responsible Sourcing Newsletter Summit discussions moved from dialogue to action, LBMA held its first in-person IBC roundtable, and a public consultation is launched on RGG10. Read now Pricing & Data Pricing & Data View information about LBMA prices and data. Overview About LBMA Daily Auction Prices LBMA Gold Price LBMA Silver Price LBMA Platinum and Palladium Price Clearing Vaulting Data LBMA Precious Metal Prices LBMA Daily Trade Reporting Data Clearing Data London Vault Data Value Dates Country of Origin Data LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. Discover more News News Read the latest news, publications and resources which outline our key initiatives. News and Resources Newsroom Alchemist Publications LBMA Annual Precious Metals Forecast Survey Centenary of the LBMA Gold Price Wonders of Gold Press Page IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. Find out more LBMA in Singapore: Strengthening Asia's Role in the Global Gold Market The 2026 Asia Pacific Metals Conference underlined Asia’s growing importance in global precious metals and the need for trusted, resilient and better-connected markets. Read more Events Events Read the latest news, upcoming events and resources. Events and Webinars Upcoming Events Past Events Webinar Series Standards of Conduct at LBMA Events Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. Register now Conference 2026 Market Standards Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. Market Overview About Loco London A Guide to the Loco London Precious Metals Market Training and Education Our Standards Market Standards Global Precious Metals Code Good Delivery Responsible Sourcing Incident Review Process Regulation Resources Financial Regulation Due Diligence Regulation REACH Review Process Case Studies HQLA WGC and LBMA Launch Joint HQLA Website Gold and HQLA: Correcting Misleading Online Information LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market Discover more Membership Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. Overview About Membership Current Members Rules for Members Become a Member How to Join Membership Eligibility Membership Benefits LBMA Subscriber Membership FAQs Already a Member? Login to stay updated with LBMA Member news and events Discover more Good Delivery Good Delivery The standard trusted around the world, Good Delivery guarantees metal quality in the market. LBMA owns and manages the Good Delivery Lists for both gold and silver. Overview About Good Delivery Good Delivery Rules and Governance Good Delivery FAQs Lists Good Delivery Current List Data Good Delivery Former List Data Russian Good Delivery Bars Information Application Process How to apply for Good Delivery accreditation Advancing Standards Proactive Monitoring Proficiency Testing Scheme Resources Reference Materials Vault Operators Training Visual Guide Physical Market Guidelines Past Assaying and Refining Conferences Good Delivery Newsletters GBI Gold Bar Security Features Gold Bar Integrity Ecosystem GDL Newsletter Read the latest newsletter from our Good Delivery team on Committee updates, refinery visits and more Discover more Responsible Sourcing Responsible Sourcing All LBMA Good Delivery List Refiners must adhere to our Responsible Sourcing Programme. With annual independent auditing and public reporting, the Programme builds global demand for responsible sourcing. Overview Responsible Sourcing Approved Assurance Providers Overview Approved Assurance Providers LBMA's ASM Initiative Guidance & Tools Guidance Documents Refiners Toolkit Consultations Public Consultation: Responsible Gold Guidance Version 10 Disclosure Guidance Version 3 Resources International Bullion Centre Recommendations Introductory Training Module Responsible Sourcing FAQs Reporting Country of Origin Data Sustainability and Responsible Sourcing Reports Responsible Sourcing Newsletters Review Process Case Studies LBMA Position on the North Mara Mine Claim Supporting Pathways for Responsible ASM LBMA’s new report explores the progress made between 2022-2025 to help build the foundations for greater inclusion of responsibly sourced ASM gold in formal supply chains. Discover more Responsible Gold Guidance V10: Public Consultation RGG10 draws on implementation experience since the introduction of V9, developments in responsible sourcing practice, and LBMA’s commitment to continuous improvement. Discover more Responsible Sourcing Newsletter Summit discussions moved from dialogue to action, LBMA held its first in-person IBC roundtable, and a public consultation is launched on RGG10. Discover more Pricing & Data Pricing & Data View information about LBMA prices and data. Overview About LBMA Daily Auction Prices LBMA Gold Price LBMA Silver Price LBMA Platinum and Palladium Price Clearing Vaulting Data LBMA Precious Metal Prices LBMA Daily Trade Reporting Data Clearing Data London Vault Data Value Dates Country of Origin Data LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. Discover more News News Read the latest news, publications and resources which outline our key initiatives. News and Resources Newsroom Alchemist Publications LBMA Annual Precious Metals Forecast Survey Centenary of the LBMA Gold Price Wonders of Gold Press Page IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. Discover more LBMA in Singapore: Strengthening Asia's Role in the Global Gold Market The 2026 Asia Pacific Metals Conference underlined Asia’s growing importance in global precious metals and the need for trusted, resilient and better-connected markets. Discover more Events Events Read the latest news, upcoming events and resources. Events and Webinars Upcoming Events Past Events Webinar Series Standards of Conduct at LBMA Events Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. Discover more Global Global Global 中文網站 Contact About About About LBMA Our Team LBMA Board Independent Decision-Making Committee LBMA Sub-Committees Origins of the London Bullion Market History of Global Trade in Bullion Member login A Guide to the Loco London Precious Metals Market 13. Futures Markets and Exchange Traded Products Contents A Guide to the Loco London Precious Metals Market Editor's Note Chief Executive’s Foreword 1. Introduction 2. London Bullion Market Association 3. London Platinum and Palladium Market 4. The Price 5. London Good Delivery – Gold and Silver 6. Good Delivery – Platinum and Palladium 7. London Precious Metals Clearing Limited 8. Precious Metal Accounts 9. Lending and Borrowing Metal 10. Options 11. Precious Metal Benchmarks 12. Bank of England 13. Futures Markets and Exchange 14. Physical Metal 15. Documentation 16. Market Regulation 17. Taxation 18. Conversion Table 19. Key Facts about Precious Metals 20. Clearing Statistics 21. Market Trade Statistics 22. Central Bank and Governmental Ownership of Gold 23. Properties of Precious Metals 24. Frequently Asked Questions 25. Annexes 26. Disclaimer Download While this Guide is concerned with the operation of the global Over The Counter trading of precious metals markets, it would be remiss to ignore other methods by which investors look to gain exposure to precious metals and how they relate to the OTC market. layout/blocks/body/_text --> Futures Markets Precious metals trade on a large number of futures exchanges around the world. As mentioned earlier in this Guide, in an exchange-traded environment, transactions will be for standard quantities (or their multiples), purities and for delivery on set dates. However, in the OTC market, a dealer will provide a tailor-made service – offering quotes for variable quantities, qualities and types of precious metal, as well as for various value dates and delivery locations. Thus, OTC markets offer far greater flexibility for clients compared to a futures exchange that operates within standardised parameters. While there are different delivery locations and dates, and contract specifications (potentially including metal purity and bar size) between the OTC market and the various futures exchanges, it is often possible to switch positions between the two relatively simply. However, this comes with the important proviso that it will depend on applicable laws and the requirements of the various exchanges themselves. The mechanism for switching a position in gold from/to a futures exchange (CMEs Globex, for example) to/from Loco London OTC gold would be an Exchange For Physical trade – less commonly called an Exchange Futures for Physical trade. However, in both cases, the acronym is simply EFP. The calculation of the EFP – differential between an OTC spot transaction and a longer-dated futures contract – will vary depending on a number of factors: The number of days between spot delivery and futures delivery The level of currency and metal interest rates The ease, cost and time taken to transport metals between London and the requisite futures location The cost of exchanging 995 London Good Delivery Gold to the requisite futures exchange purity and bar size. Having bars created by refiners that are on the Good Delivery Lists of the LBMA (or LPPM) or the relevant futures exchange Complying with relevant laws and any taxes Of course, not all futures exchanges quote the precious metals in terms of US dollars. Therefore, there may also be currency exchange rates to take into account. layout/blocks/body/_media --> Looking down from the podium onto the NYSE trading floor as the LBMA Executive and guests prepare to ring the closing bell layout/blocks/body/_text --> Exchange Traded Products More commonly referred to simply as Exchange Traded Funds (ETFs); however, Exchange Traded Products (ETPs) is the wider nomenclature. These were launched into the precious metal investor community in 2004 and rapidly rose to become one of the largest vehicles for gold ownership, in particular addressing a need for investors who were only allowed to invest in equities but who wanted exposure to gold directly rather than having to invest via mining shares. Thus, the ETFs have given them a vehicle to take a view on precious metal prices without having to analyse the geology of a particular mine, the state of labour relations, the particular political circumstances of where the metal is mined, the expertise of senior management at a mining company and so on. Following the rapid success of the gold ETFs, the market has launched ETFs in silver, platinum and palladium. The success of these initial funds spawned a large number of variations from the original allocated Loco London. However, those that have achieved some sort of momentum are almost exclusively backed by allocated metal in London or Zurich. As in the EFPs and the futures market, it is possible to swap positions between an OTC Loco London position and an ETP. Once again, this will depend on the various laws, taxes and the requirements of the various stock exchanges regarding purity, location, bar size and so on. However, there is an added issue. In general, the majority of commercial banks will trade OTC and metal futures via the same legal entity. However, for a significant number of institutions transacting the equivalent of EFPs between the OTC and equity markets (where the ETFs are generally traded) is not possible – primarily because they trade equities and metals under different legal entities and the cost of regulatory capital in trying to hold an equity position in a commodities trading unit (or vice versa) might either be extremely expensive or forbidden under the regulations. However, there are still sufficient institutions that can arbitrage any market anomalies to ensure that both the main traded ETFs and futures exchanges do not get out of line for any extended period with the global OTC market. layout/blocks/body/_related --> 12. Bank of England The Bank of England has been the focal point of gold trading in London for much of the last three hundred years and traces its involvement back to the earliest days of the London market Find out more 14. Physical Metal Until 2008, the physical business – which was mainly gold related – relied more or less wholly on supplying those countries that had traditional domestic consumer business Find out more Stay updated Register to access the latest LBMA news and events through our email alerts Register at MyLBMA LBMA About Us Membership Current Members Contact Us Our Team Newsroom MyLBMA Quicklinks Prices and Data LBMA Daily Trade Reporting Data Good Delivery Alchemist Events Responsible Sourcing A Guide to the Loco London Precious Metals Market 中文網站 © 2026 LBMA 7th Floor, 62 Threadneedle Street, London EC2R 8HP | LBMA Privacy Notice
