Full Members are entitled to trade on all products listed on the ABX in all trading hub locations. Full Members may trade on the ABX on a proprietary basis or on behalf of their clients, and are also able to offer a customised version of the MetalDesk platform downstream to their end clients for precious metals trading.
The Full Member is the most sophisticated exchange member and has the ability to sponsor Associate Members to allow them to trade on the ABX. Full Members assume legal responsibility and other regulatory obligations in this role. As such, Full Members must meet certain Membership criteria as specified by the Exchange and comply with all Exchange regulations.
The Full Member category of Membership is best suited to:
- Large Wholesale Bullion Brokers/Dealers
- Large Financial Brokers/Dealers
- Banks
- Mining Producers
- Refiners
Once on-boarded, each Full Member contracts and engages directly with ABX. Through our MetalDesk platform, it may execute trades either on behalf of its house account (as principal) or of its clients (as agent). The Full Member is responsible for the management and conduct of its clients, with ABX’s unique tiered membership structure allowing for the complete protection of each clients’ identity.
Before an Application for Full Membership is approved, the Exchange will conduct the necessary due diligence to establish, amongst other things:
- The Applicant’s capital adequacy
- The Applicant’s expertise and experience
- The Applicant has the appropriate technical and operational systems and controls
- The Applicant is not subject to insolvency or any conduct unbecoming of a professional financial institution
