Global Precious Metals Code

The Global Precious Metals Code published in May 2017 sets out the standards and best practice expected from market participants in the global over-the-counter (OTC) wholesale precious metals market.

All market participants involved in the global wholesale precious metals market are expected to act according to the principles of the Code. All MCBIH members have attested their conformance with the Code by signing a Statement of Commitment by 1 June 2018. A maintained register of market participants who have submitted a Statement of Commitment is available here.

Global Precious Metals Code

Adherence to the Code

The Code is intended to define a robust, fair, effective and transparent market where all participants are able to transact following best practice guidelines.

It sets out a common set of principles to promote the integrity and effective functioning of the global market covering ethics, governance, compliance and risk management, information sharing and business conduct.



Member Training

To assist members and market participants in adherence to the Code the MCBIH has developed a training module in partnership with ACI Financial Markets Association (ACI). This will provide MCBIH member institutions and individual practitioners access to an E Learning, Attestation and Certification (ELAC) Portal. 

View a summary of the ELAC Portal alongside a presentation which sets out the broad offering provided by ACI.

By offering access to the ELAC portal, MCBIH will ensure its members participate in a standardised, high-quality training and education programme.

The ELAC portal combines illustrative examples and scenarios for precious metal market practitioners across different roles and circumstances building on the ACI ELAC portal developed to assist market participants including Central Banks, Regulators and Operations Personnel with adherence to the FX Global Code of Conduct (FXGC).

The portal is available to subscribers. If you haven't already subscribed you can request a demo account here. The payment schedule to subscribe to the portal can be found here. If you already have an account you can log on to the portal here. For more information please contact Rachel Hart at MCBIH or Hayley Brooks

MCBIH hosted a training webinar on 26 April 2018 to provide members with a demonstration of the portal. The recording is available here

Bank of England

On 6 February 2018, the Bank of England issued a Statement of Commitment to the Code. By doing so the Bank is demonstrating that it is committed to adhering to the principles of the Code when acting as a market participant within the market, and that its internal practices and processes are aligned with the principles of the Code.

Further Background

The Code has its roots in the Fair & Effective Markets Review published in June 2014. Led by the Bank of England, and co-chaired by the FCA and HM Treasury, FEMR was a comprehensive assessment of the Fixed Income, Currency and Commodities markets.

The objective was to restore trust in the markets and influence cross-border discussion on trading practices. In total, FEMR has led to the development of three separate Codes for the Fixed Income, Currency and Commodities markets.

The Global Precious Metals Code published by the MCBIH replaced the bullion annex of the Non-Investment products (NIPs) Code.

The Code is closely aligned with the FX Global Code, which was published on 25 May 2017 by the Bank for International Settlements.

A new voluntary UK Money Markets Code setting out the standards and best practice expected from participants in the deposit, repo and securities lending markets was published by the Bank of England on 26 April 2017.