ABC Bullion, the bullion trading arm of precious metals services provider Pallion Group, has been accredited as a full member of the London Bullion Market Association (LBMA) – becoming Australia’s only independent bullion dealer to receive it.
The company will become a part of a list of 68 full members, alongside other companies such as Glencore International, Credit Suisse and the Royal Bank of Canada.
The full membership highlights the company’s position in the global precious metal market.
It comes after the company was appointed to the LBMA’s Good Delivery list for gold in December 2015, making it the first independent refinery in Australia to be appointed.
Pallion CEO Andrew Coshineas said, “This is an important validation for ABC Bullion, as full membership to the LBMA is international recognition of our commitment to upholding the highest standards within the industry and highlights the Pallion Group’s commitment to excellence in the precious metal industry.”
“We are delighted to be admitted into this membership, and look forward to working alongside other leading players from around the world.”
The approvals process for full membership included a requirement for the potential member to have three existing LBMA members as sponsors, with whom they have had a bullion-based trading relationship with for at least a year.
With full membership, ABC Bullion now has full voting rights on all LBMA issues.