In the London gold market, the gold and silver market is provided by five clearing banks, which jointly form the private London Precious Metals Clearing Limited (LPMCL). These five banks are HSBC, JP Morgan, Scotiabank, UBS and ICBC Standard Bank. All of these banks are LBMA market creators and three of these banks, HSBC, JP Morgan and Scotia, are represented on the LBMA Board of Directors. The LBMA`s association category is primarily aimed at participants who operate in the international gold market and who are not based in the United Kingdom. The Associate category was introduced in January 2000. The main difference between full members and associates is that associate members do not have the right to vote at LBMA meetings or LBMA committee appointments. Associate candidates must also be sponsored by full members when applying. 6. International Bullion Master Agreement (1994) web.archive.org/web/20150910211205/www.newyorkfed.org/fmlg/fmlg_1994_bullion.PDF The current LBMA is a London-based but globally representative business association, comprising mainly banks, the London Bullion Market Association (LBMA) was founded in 1987 by the Bank of England, whose founding members are made up of a group of London banks and brokers. These include the acquisition of control of London`s gold and silver auctions and intellectual property, the de facto control of the management of London Precious Metals Clearing Limited and a merger between LBMA and the London Platinum and Palladium Market. These developments underline the fact that members of the LBMA central bank, London Gold Market Fixing Limited, London Silver Market Fixing Limited, London Precious Metals Clearing Limited, London Platinum and Palladium Fixing Company Limited and LPPM are and have always been the same consortium of bullion bank players who operate behind the scenes, with different hats that produce the cover of separation.