"The introduction of the CUSIP ID into the precious metals market represents an enormous step forward in the pursuit of a more modern, efficient, and transparent marketplace," said Jon Potts, Managing Director, Delaware Depository. "We see this critical first step as an exciting opportunity to take a leadership role in the precious metals industry and look forward to further collaboration with CGS to bring their rich experience in identifier standards to bear for the precious metals market."
While the collaboration initially covers fungible precious metals, CGS plans to expand its precious metals offerings to cover non-fungible products as well, including individual gold bars with unique serial numbers from accredited refiners.
"Though it is arguably one of the world's oldest asset classes, gold is one of the last to receive CUSIP identification. As markets and trading and portfolio management mechanisms become increasingly electronic, the need for a universal standard is growing quickly," said Matthew Bastian, Director, Market, Business and Product Development, CUSIP Global Services. "We look forward to the opportunity to work with forward-thinking partners like Delaware Depository to continue to expand our offerings in this space."
For more information about CGS' work in the precious metals market, please click here.
About CUSIP Global Services
The financial services industry relies on CGS' unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 45 years has helped CGS earn its reputation as a trusted originator of quality identifiers and descriptive data, ensuring that essential front- and back-office functions run smoothly. Relied upon worldwide as the industry standard provider of reliable, timely reference data, CGS is also a founding member and co-operates the Association of National Numbering Agencies (ANNA) Service Bureau, a global security and entity identifier database for over 34 million public and privately traded instruments, contributed by 92 national numbering agencies and 27 partner agencies representing 255 different countries. CGS is managed on behalf of the American Bankers Association (ABA) by S&P Global Market Intelligence, with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit www.cusip.com.
About The American Bankers Association
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $13 trillion banking industry and its 2 million employees. Learn more at www.aba.com.
About Delaware Depository
Depository Trust Company of Delaware, LLC dba Delaware Depository® is a state chartered, limited purpose trust company and an exchange-licensed, precious metals depository. The company provides a full range of specialized precious metals custody, accounting and shipping services. Delaware Depository serves mutual funds, brokerage firms, commodity exchanges, IRA custodians, investment banks, refiners, manufacturers, commodity trading houses, major retailers, coin dealers and individual investors. For more information, visit www.DelawareDepository.com.
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SOURCE CUSIP Global Services