LBMA NewsFebruary 16, 2026IBA Consultation: LBMA Platinum Price and LBMA Palladium PriceFollowing a questionnaire for LBMA platinum and palladium price benchmark users, IBA has set out draft proposals

The LBMA has announced the transition of administration for the LBMA Platinum Price and LBMA Palladium Price benchmarks from the London Metal Exchange (LME) to ICE Benchmark Administration Limited (IBA) during Q3 2026. IBA, currently responsible for the LBMA Gold and Silver Prices since 2015 and 2017 respectively, will take over the benchmark setting auctions for platinum and palladium, ensuring continuity and regulatory compliance under the UK FCA. IBA has conducted consultations with current benchmark users and auction participants, gathering feedback to draft proposals for the auction methodology and benchmark specifications. Market participants are invited to provide confidential comments by March 3, 2026, enabling IBA to finalize and smooth the transition process. The transition is a critical milestone for the platinum and palladium markets, preserving trusted global price benchmarks that underpin London market trading and delivery. Traders should monitor the consultation outcomes and any subsequent methodology changes, as these could impact benchmark transparency, auction dynamics, and short-term price discovery mechanisms. The Q3 2026 transition timeframe suggests near-term operational adjustments for trading desks and clearing entities.