The London Bullion Market Association (association of banks, fabricators, refiners, shippers and brokers involved in precious metals trading in London) is currently preparing to implement new benchmarking regulations from the international Organisation of Securities Commissions (IOSCO), and is contemplating outsourcing the administration of its gold forward offered rates (GOFO) to a third party.

The IOSCO is a global umbrella group for market regulators and outlined a series of principles after the Libor scandal in 2012 (a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and also the resulting investigation and reaction) with which any institution providing a financial benchmark should comply.

The LBMA is responsible for GOFO benchmark prices which are globally regarded as the international benchmark for pricing a variety of bullion transactions and products.