Citi Becomes Clearing Member of London Precious Metals Clearing Limited

Key Terms

clearing member financial

A clearing member is a broker or financial firm authorized to settle trades and handle money and securities on behalf of itself and other customers through a clearinghouse. Think of it as the authorized courier and accountant that finalizes a trade, making sure the buyer gets the shares and the seller gets paid; its reliability affects how quickly and safely investors’ transactions are completed and how much counterparty risk they face.

loco london technical

Loco London is a delivery term used in commodity and precious metals trading that means the seller fulfills the contract by making the metal available at a London vault or approved location, with price quoted excluding shipping and insurance. For investors, it matters because the delivery point affects the practical cost, timing, storage and regulatory handling of the metal—similar to buying an item 'pick up at store' instead of having it shipped to you.

over the counter financial

Over the counter describes securities, like stocks or bonds, that are bought and sold directly between dealers or through a dealer network rather than on a formal stock exchange. Think of it as a farmers’ market versus a supermarket: prices can be less visible, trades may be slower and riskier, and rules can be looser, so investors should expect wider price swings, lower liquidity, and potentially greater difficulty buying or selling large positions.

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• Citi has been admitted as a clearing member of London Precious Metals Clearing Limited (LPMCL).
• The move marks a major expansion of Citi's precious metals business by adding Loco London settlement services, while simultaneously increasing LPMCL's network of clearing members.
• This collaboration expands the global precious metals market infrastructure, underscoring LPMCL's central role in the bullion market.

LONDON--(BUSINESS WIRE)-- Citi and the LPMCL today announce Citi's admission as a clearing member of London Precious Metals Clearing Limited (LPMCL), adding Loco London settlement services for gold, silver, platinum and palladium.

The new offering marks a major expansion of Citi Commodities’ global precious metals business as it delivers a more comprehensive product suite to its global client base.

“Citi’s admission as a clearing member of LPMCL represents a natural extension of our long‑standing precious metals business,” said José Cogolludo, Head of Commodities at Citi. “This role aligns well with our operating model and our commitment to supporting robust, efficient market infrastructure. We look forward to contributing to the continued strength and resilience of the London bullion market.”

James Cressy, Chair of LPMCL, said, “The addition of Citi as a clearing member of LPMCL demonstrates the openness and transparency of our membership process, allowing new entrants to join and participate in the clearing and settlement of the predominate global over the counter precious metals market.”

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20260706027228/en/

Media Contact:
Anja Klein
anja.klein@citi.com

Source: Citi