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FCMA Foreign Commercial Metals Accounts
The Distinction

Built for commercial counterparties — never retail flow.

FCMA Consultancy serves a narrow client base for whom metals price volatility is a material commercial risk — never a speculative opportunity. That single decision shapes every aspect of how we operate.

The Six Principles

What sets FCMA apart.

Six principles that define the firm. They are not marketing claims — they are operational constraints that determine which mandates we accept, how those mandates are executed, and how the relationship is governed.

i.

Regulated & Accountable

FCMA Consultancy is a trading name of Kingdom Futures Limited, authorised and regulated by the Financial Conduct Authority. Every facility operates within that regulatory perimeter, with the conduct of business protections that flow from it.

ii.

Physical‐First Discipline

We hedge against documented commercial exposure. Notional limits are referenced to underlying physical activity, protecting clients from unintentional speculation and the kind of over-hedging that converts a commercial business into a market position.

iii.

Specialist Coverage

A dedicated metals desk — not a general FX or rates business that runs metals as a side product — covering precious and industrial metal benchmarks across LBMA, COMEX and the LME.

iv.

Transparent Pricing

All-in cost transparency. Spread, fees and any basis adjustments disclosed in writing prior to execution. Position reporting in formats that reconcile cleanly to your TMS and your auditors' requirements.

v.

Documentation Aligned

Bilateral documentation aligned to ISDA conventions where applicable, with hedge accounting support documentation available for IFRS 9 / FRS 102 designations.

vi.

Continuity of Coverage

24/5 coverage across London, New York and Asian sessions, with named relationship managers and a tiered escalation framework for material market events.

By Design

What FCMA is — and what it is not.

A clear position on what we do and do not do is the most important diligence a prospective client can perform. Below is the position, stated plainly.

FCMA Is
  • A specialist metals hedging desk.
  • FCA-authorised through Kingdom Futures Limited.
  • Available exclusively to commercial counterparties.
  • Anchored to demonstrable physical exposure.
  • Transparent on pricing, fees and basis.
  • Aligned to client governance & reporting requirements.
FCMA Is Not
  • A retail trading platform.
  • A speculative or directional book.
  • Available to non-professional investors.
  • A market-view advisory service.
  • A custodian of physical metal.
  • A provider of accounting or tax advice.
A Final Principle

A hedge that is not anchored to a physical exposure is not a hedge — it is a position. We do not run positions on behalf of our clients.

FCMA Consultancy

Open an Account

If this is the way you want your hedging managed.

FCMA accounts are available to qualifying counterparties. Initial discussions are confidential and obligation-free.

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