LPMCL is the company that oversees the daily settlement procedure for gold and silver in the London Market, which is operated by the six clearing members of The London Bullion Market Association ("LBMA"). In August the daily clearing average was 14.3 million ounces of gold (US$5.1 billion) and 97.8 million ounces of silver (US$0.49 billion).
- LPMCL looks forward to working with OM and LBT in developing an electronic matching system for loco London bullion, which it believes will further enhance the clearing service provided by the London Gold and Silver Markets, said LPMCL.
- We are happy to welcome LPMCL, the leading organization for precious metal clearing, as a Facility Management customer to OM. Although relatively small in value, this agreement is important to us since it strengthens our relationship with entities in the London Gold and Silver markets and it strengthens OM as a provider of outsourcing solutions to third-party systems, says Carl-Magnus Hallberg, head of Business Area Global Services at OM.
