London Precious Metals Clearing Limited and Citi announced on 6 July 2026 that Citi has been admitted as a clearing member of LPMCL, adding loco London settlement services in gold, silver, platinum and palladium. The LPMCL members page lists five clearing members: Citi, HSBC, ICBC Standard Bank, JP Morgan and UBS.
What a loco London transfer moves is a credit balance in an unallocated account at a clearing member, denominated in fine ounces and not identified by serial number. The holder of that balance is an unsecured creditor of the clearing member until the balance is allocated; on allocation, named bars are identified by serial number, weight, fineness and refiner mark, and recorded against the holder. The metal standing behind the balance is held to the LBMA Good Delivery standard, which sets a minimum fineness of 995.0 and a bar weight variable between 350 and 430 oz, so the figures that govern an allocated position are the stamped fineness and the line on the weight list rather than a 400 oz nominal. Heraeus and Argor-Heraeus SA are both on the LBMA Good Delivery List for gold, and bars carrying either mark are acceptable against a loco London position. Moving allocated metal out of the London chain into a vault holding recorded in the counterparty’s name is a separate operation, with its own weighing, carrier authorisation and release documentation. On the settlement leg, the admission takes the institutions able to clear a loco London transfer from four to five, which widens the correspondent routes open to a bank that is not itself a clearing member and distributes across five names a settlement exposure that previously sat with four.
Clearing membership is a settlement role: LPMCL clears and settles transfers between its members, while the Good Delivery List that determines which refiners’ bars are acceptable is maintained by the LBMA.