The London-based trade association known as the LBMA is in charge of representing London's wholesale gold and silver bullion market. The majority of gold-holding central banks, as well as producers, refiners, fabricators, and other traders from all over the world, use the London-based Over-the-Counter (OTC) market for gold and silver. After collaborating closely with the Bank of England, the LBMA became a legal entity in 1987. “The LBMA Good Delivery List is now widely recognized as the de facto standard for the quality of silver and gold bars due to the stringent criteria that an applicant must meet for assaying standards and bar quality in order to be listed.

The assaying capabilities of suppliers on the Good Delivery List are regularly evaluated as part of the LBMA's Proactive Monitoring program. A few examples: C The LBMA Good Delivery List is widely acknowledged as the de facto standard for the quality of gold and silver bars in the refining industry, in large part because of the stringent requirements that applicants must meet before being listed. In January 2004, the LBMA implemented significant proactive monitoring of List participants, which further enhances the List's reputation and that of its participants. C The Association worked with the London foreign exchange and money markets to create the Non-Investment Products Code.

It is a code of conduct that all Associates and Members must adhere to. The LBMA's annual Precious Metals Conference is now the best professional forum for the bullion market in the world.