Citi has joined the ranks of HSBC, ICBC Standard Bank, JPMorgan and UBS in the clearing network of the over-the-counter gold market in London.
The addition of Citi is a landmark achievement for the London Precious Metals Clearing Limited (LPMCL). The bank became its first major new member in a decade following a wider organizational overhaul designed to increase transparency and accessibility.
The move grants Citi a direct role in the settlement infrastructure at the world’s largest bullion trading centre, and massively expands its precious metals business.
"Citi’s admission as a clearing member of LPMCL represents a natural extension of our long‑standing precious metals business," said José Cogolludo, head of commodities at Citi.
"This role aligns well with our operating model and our commitment to supporting robust, efficient market infrastructure. We look forward to contributing to the continued strength and resilience of the London bullion market."
London bullion clearing members have vaulting facilities in London, using either their own premises, or those of a secure storage agent to process and store precious metals for both the member and clients requiring custodial storage.
Theodor Lisovoy, Managing Editor, Rough&Polished
