LME taps Sinara for gold rate data collection system

Source: Sinara Consultants

UK software house Sinara Consultants has delivered a gold rate data collection system to the London Metal Exchange (LME).

The Exchange had a requirement to capture, review and summarise forward gold rates submitted daily by a number of contributing organisations. Summarised data needed to be returned to the contributors, and the submitted data disseminated to the market through data vendors. These requirements stemmed from an agreement between the LME and the London Bullion Market Association (LBMA) to publish a ten year gold forward rate curve which will bring new transparency to the London gold bullion market.

Sinara worked closely with the LME to build a bespoke data collection system, LMEdcs, to enable the LME to collect daily gold forward curve data on behalf of the LBMA from contributing firms.

LMEdcs was designed and developed by Sinara as a complete managed project to provide an automated, secure, reliable and audited system, using up-to-date and standardised technologies. Sinara also assisted with contributor consultation meetings and provided contributing firms with interface documentation to help them prepare to use the new system.

Sinara's Project Director, Phil Bain adds: "The system developed by Sinara provides a user-friendly web interface to allow the LME to easily validate and monitor the quality of the contributed data, as well as manage the workflow and timing of contributions. The system can be triggered to perform calculations on the data including averaging, trimming and standard deviation."


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