The Tokyo Commodity Exchange Inc., announced today that it has signed a License Agreement with the London Bullion Market Association (LBMA) to use the LBMA’s Good Delivery List as part of its own accreditation procedures. The signing took place at the LBMA Bullion Market Forum held in Shanghai on June 25.
The LBMA Good Delivery List is the global industry standard for determining the quality of gold and silver bars. It is used by futures exchanges such as CME and NYSE Liffe US, as well as in physical bullion markets in London and elsewhere. TOCOM will require Good Delivery status, granted by LBMA, to be met prior to designation of deliverables for gold and silver.
Takamichi Hamada, President and CEO of TOCOM commented, “I am delighted to sign this licensing agreement, which shall promote enhanced cooperation between our two organizations. We intend to use this opportunity to more actively develop relationships with the members of the global bullion industry to expand our gold and silver markets.”
Ruth Crowell, Chief Executive of the LBMA said “I am delighted that TOCOM have taken out a licence, which underlines the LBMA’s closer working relationships with Japan and indeed the wider Asian bullion community”
The London Good Delivery List of Acceptable Refiners of gold and silver is maintained by the LBMA, by whom it is copyrighted. It lists those refineries whose gold and silver bars have been found, when originally tested, to meet the required standard for acceptability in the London bullion market.The List now includes 83 gold and 73 silver refiners.