Full Content
In November, LME and LBMA made the joint announcement that LME will cease to administer the LBMA Platinum and Palladium Prices in order to focus on its core base metals offering. Following this, LBMA has been in talks with market participants on the best way to proceed.
LBMA is pleased to announce that it intends to appoint ICE Benchmark Administration Limited (IBA) as the administrator of the LBMA Platinum and Palladium Prices. IBA is an independent benchmark administrator regulated by the UK Financial Conduct Authority.
Ruth Crowell (CEO, LBMA) Statement: “IBA has successfully administered LBMA Gold and Silver Prices since 2015 and 2017 respectively and we see the benefits for the precious metals market in housing all four precious metals prices under one administration and auction process."
“We will be working closely with the LBMA, LPPM and auction participants as we take on responsibility for the LBMA’s Platinum and Palladium Auctions to ensure a smooth and successful transition over to IBA,” said Clive de Ruig (President, IBA). “IBA has hosted the London Gold and Silver Auctions on behalf of LBMA for over a decade, providing market participants with transparent, robust and rigorous processes and reference prices with which to manage their risk and we are delighted that Platinum and Palladium will be joining the auctions conducted daily by IBA."
LBMA would like to thank LME for its strong stewardship and effective running of the platinum and palladium prices for over a decade, and we are committed to ensuring a smooth and orderly transition to IBA during Q3 2026.
If you have any queries, please contact mail@lbma.org.uk.