Bullion market governance requires independent risk oversight, conflict disclosures, ethical conduct, resilient operations, and accountable director appointments.

Bullion exchanges, clearing corporations and depositories must maintain legal compliance, due diligence, risk management, governance, fair dealing, customer or investor protection, and prompt reporting of relevant violations. Governing boards must oversee critical operations, technology, compliance, risk, audit and grievances; maintain an independently functioning three-lines-of-defence structure; establish measurable risk-appetite controls; and review products and revenue streams for compliance and risk. Directors, committee members and key management personnel must act with integrity, protect confidential information, disclose interests, avoid conflicts and misuse of position, and ensure regulatory compliance.

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