London Bullion Market Association

The London Bullion Market Association (the “LBMA”) is the fulcrum for the global OTC precious metal markets. LBMA sets standards from the purity, form and provenance of the bars to the way in which they are traded.

EJJ International delivers virtual and in-classroom training courses for LBMA.

An Introduction to Loco London offers a detailed and definitive primer for any investor or institution looking to understand and take part in the global over-the-counter (OTC) precious metals market. The course covers:

  • Good Delivery: Physical specifications for bars, metal accounts, clearing and vaulting
  • Price basics: Spot and forward prices, forward curves, contango and backwardation
  • LBMA prices: Price discovery and auctions
  • Derivatives: Forwards and options, OTC and exchange traded markets, ETPs
  • Leasing metal: Why lease metal, how it works, lease rates
  • LBMA: Projects, membership and the future

How to use Loco London follows on from An Introduction to Loco London.  It is perfect for those looking to understand more about the products traded in the largest and oldest gold market in the world. The course covers:

  • Review of basics: Good delivery, allocated and unallocated accounts, spot and forward prices, contango and backwardation, derivatives
  • Forwards: Physically settled and cash settled forwards, switching between fixed and floating prices
  • Forward swaps: Borrowing and lending on the swap, using forward swaps to adjust settlement dates
  • Leasing metal: How it works, lease rates, calculating interest in metal and cash
  • Options: Put and call options, when to exercise

An Introduction to LBMA Responsible Sourcing offers an overview of LBMA Responsible Sourcing, giving insights into the priorities, processes and controls of the programme. The course covers:

  • Review of basics: A general overview of Responsible Sourcing
  • OECD Due Diligence Framework: The five step due diligence process, CAHRAs and red flags
  • LBMA Responsible Sourcing Programme: Priorities, principles, processes, controls and reporting
  • International Bullion Centres: Locations, priorities and recommendations
  • Looking to the future: Further supply chain engagement, LBMA initiatives

All courses include workshops which develop hands-on experience and facilitate networking with other attendees.

For currently scheduled dates, refer to Upcoming Courses.