Gold Silver Reports — A new code for precious metals has been created that will apply to all precious metals markets participants and will provide guidance for best practice, the London Bullion Market Association (LBMA) said.
The new code will replace the Bullion Market annex currently within the Non-Investment Products (NIPs) code, it said in a release on Thursday.
The final global Foreign Exchange Code will be published in May 2017 and it will replace the FX element of the NIPS code, which focuses on best practice in the global wholesale foreign exchange markets, it added. The new FX Code is being jointly produced by central banks and market participants.
“The renamed Precious Metals Code will set out best practice in the market, with a high level of detail and therefore be more comprehensive than the previous version,” the LBMA said. — Neal Bhai Reports