A&O Shearman advises Citi on landmark admission to London Precious Metals Clearing Limited

LPMCL is the central clearing infrastructure for the world's largest over-the-counter precious metals market, with an estimated daily turnover of around USD160 billion in precious metals 

The move marks a major expansion of Citi Commodities' global precious metals business, enabling the bank to provide loco London settlement services for gold, silver, platinum, and palladium and deliver a comprehensive precious metals product suite to its global client base. Citi's admission follows LPMCL’s efforts in recent years to expand the institutions supporting London's bullion market, simplify membership requirements, and improve governance.