On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution.

This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency.

The compendium looks at key aspects of the precious metals markets, including:

  • Market structure: An analysis of the current state of the precious metals market structure and an exploration of potential evolutions that could enhance transparency, efficiency and participation.
  • Post-trade processes: An examination of the post-trade landscape which explores opportunities for increased efficiency through the adoption of new technologies and processes.
  • Data and transparency: Highlighting the critical role of data and transparency in fostering trust and confidence within the precious metals markets. The paper outlines the steps the gold market can take to support the characteristics of gold as a high-quality liquid asset.