LBMA Vault List
The LBMA Vault List is the official register of accredited storage facilities authorized to hold, settle, and manage Good Delivery gold and silver bars under the governance of the London Bullion Market Association (LBMA).
These vaults represent the backbone of the global bullion custody system — they safeguard institutional holdings, facilitate settlement, and maintain the physical credibility of the professional gold market.
Definition and Purpose
The LBMA Vault List defines which vault operators are recognized as approved custodians for metal traded under the LBMA Good Delivery standard.
Only vaults appearing on this list are permitted to:
- Hold Good Delivery bars for clearing members and central banks;
- Facilitate interbank settlements via the London Precious Metals Clearing Limited (LPMCL);
- Issue and reconcile barlists used for institutional audits and reporting;
- Provide vault-to-vault transfers under the LBMA framework.
Inclusion on the Vault List signifies full compliance with the Good Delivery Rules, Responsible Gold Guidance, and LBMA’s Security and Operations Protocol.
Accreditation and Oversight
To appear on the LBMA Vault List, a storage operator must pass a rigorous accreditation process that evaluates:
- Security infrastructure — vault design, access control, and surveillance systems;
- Operational integrity — dual-control handling, documentation, and reconciliation procedures;
- Insurance and risk coverage — verified all-risk policy underwritten by recognized insurers;
- Regulatory compliance — AML/KYC procedures aligned with FATF and OECD standards;
- Audit performance — periodic independent inspection by LBMA-approved auditors.
LBMA conducts periodic revalidation of each vault’s compliance status. Failure to meet standards can result in suspension or removal from the list.
Geographic Distribution
LBMA-accredited vaults are strategically located in global financial and trade centers, enabling secure liquidity and settlement coverage across key jurisdictions.
Primary vault clusters include:
- London – the core clearing hub for global bullion;
- Zurich – a private banking and central bank storage center;
- Dubai – the Middle East logistics and trade hub;
- Singapore – Southeast Asian storage and distribution point;
- Hong Kong – gateway to mainland China and Asia-Pacific demand.
Each facility operates under jurisdictional regulations while adhering to LBMA’s unified global standards.
Vault Operators and Members
The LBMA Vault List includes a mix of global logistics and financial institutions.
Representative vault operators include:
- Brinks Global Services
- Loomis International
- Malca-Amit
- G4S International Logistics
- ICBC Standard Bank
- HSBC Bank plc
- J.P. Morgan Chase Bank N.A.
These institutions act as both vault operators and clearing members, ensuring consistent control and reporting standards throughout the bullion supply chain.
Audit and Reporting Requirements
Each LBMA-accredited vault is subject to annual audits covering:
- Inventory verification of all Good Delivery bars;
- Review of physical security systems;
- Confirmation of insurance policy validity;
- Cross-check of barlists against LPMCL settlement records.
Audit outcomes are reported to the LBMA Vault Committee and may trigger additional on-site inspections if discrepancies are found.
The LBMA publishes aggregate vault holdings data quarterly, providing transparency into the total quantity of gold and silver stored within the system. These figures serve as an important indicator of global bullion liquidity.
Institutional Significance
The LBMA Vault List defines the institutional perimeter of trust in the physical gold market.
It ensures that all metal recognized for settlement, custody, or reserve purposes resides in facilities meeting consistent global standards.
Through accreditation, continuous monitoring, and transparent reporting, the Vault List sustains the reliability and credibility of gold custody across international financial centers.