On 1 March 2022, the FICC Standards Board (FMSB) published its final standard for the conduct of participants in LBMA Precious Metal Auctions. LBMA Auctions establish prices in certain precious metals that are used as benchmark reference prices. Participants in LBMA Auctions submit bids and offers on behalf of clients wishing to buy or sell the relevant metal (Client Orders) and are also able to submit bids and offers for themselves (House Orders). The standard seeks to clarify the way in which risks can be managed to increase the volume of bids and offers submitted to LBMA Auctions and improve the quality of price discovery resulting from them, thereby improving the effectiveness of the market.