In the London gold market, the gold and silver market is provided by five clearing banks, which jointly form the private London Precious Metals Clearing Limited (LPMCL). These five banks are HSBC, JP Morgan, Scotiabank, UBS and ICBC Standard Bank. All of these banks are LBMA market creators and three of these banks, HSBC, JP Morgan and Scotia, are represented on the LBMA Board of Directors. LBMA was established on December 14, 1987 as a surety company. The company was registered with UK Companies House under the number 02205480. Although the LBMA was “founded on the orders of the Bank of England”, and although the Bank of England was the leading hand behind its creation, the bank is not an official member of the association. The original founding members of the LBMA were six influential banks that, at that time, participated in the London Bullion market, namely N.M Rothschild – Sons Limited, J.Aron – Company (UK) Limited, Mocatta – Goldsmid Limited, Morgan Guaranty Trust Company of New York, Sharps Pixley Limited and Rudolf Wolff – Company Limited. What is remarkable is that most of these banks are still, in various forms, the most powerful voices of the association. As a trade association, the main purpose of the LBMA is to represent the interests of its members while trying to oversee and control the evolution and development of the Gold markets in London and around the world. LBMA also works closely with the Bank of England, which, because of its role as a gold custodian for many central banks and its role as an intermediary in the granting of gold credit, has a strong interest in maintaining supervision of the gold market in London. The main tasks of the association are the protection of the commercial interests of its bullion Bank members, the maintenance of the Good Delivery to London for gold and silver, the link with the supervisory authorities of the financial markets and the media, the publication of documents and statistics relevant to the gold and silver market, as well as the organisation of conferences and seminars. In 2016, the LBMA announced its intention to merge with the London Platinum and Palladium Market (LPPM), an interprofessional platinum and palladium group dominated by the same banks.
6. International Bullion Master Agreement (1994) web.archive.org/web/20150910211205/www.newyorkfed.org/fmlg/fmlg_1994_bullion.PDF Although they operate on a bilateral basis, participants in the London CTA Bullion market continue to use a series of standard documentation models on which their agreements are based. This standard documentation includes the 1994 International Bullion Master Agreement (IBMA)  and the International Swaps and Derivatives Association (ISDA) Bullion Definitions, both of which were involved in the development.