Regulation NewsApril 16, 2026Compliance Newsletter: Volatility, Recalibration and Rising ExpectationsThe first quarter of 2026 has been characterised by heightened uncertainty across global markets, r

LBMA says Q1 has been dominated by elevated volatility, geopolitical तनाव and shifting monetary-policy expectations, but the key desk takeaway is the platinum and palladium benchmark transition remains on track for the agreed ICE Benchmark Administration auction go-live date of 1 July 2026. LBMA says its Regulatory Affairs Committee has been meeting monthly to monitor the handover, underscoring that benchmark continuity is still the immediate operational focus for XPT/XPD participants. The newsletter also highlights two compliance-related developments that matter for market structure and conduct risk. LBMA has launched a precious-metals-specific AML e-learning programme, while its review of FX and Money Markets Code changes found no material impact on the Global Precious Metals Code, allowing it to push GPMC v3 publication out to 2027 after FCA recognition of GPMC v2. LBMA frames the Code as an ongoing behaviour framework rather than a one-off attestation exercise. Separately, LBMA and the World Gold Council have launched a website aimed at reinforcing gold’s case as a high-quality liquid asset, signalling continued industry effort to support gold’s institutional role. Near term, traders should watch the July benchmark transition for any operational issues in platinum/palladium pricing and settlement, while the broader regulatory tone remains one of rising expectations around AML, governance and data controls rather than a major rule reset.