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LME wins bid for provision of London Platinum and Palladium Prices

16 October 2014

The London Metal Exchange (LME) today announces its appointment by the London Platinum and Palladium Fixing Company Limited (LPPFCL) to be the new provider of London Platinum and Palladium Prices.

The LME’s custom-built electronic solution, LMEbullion, will provide a pricing methodology that fully meets the administrative and regulatory needs of market participants including the IOSCO Principles for Financial Benchmarks. LMEbullion is already at an advanced stage of development and will be ready in advance of the anticipated go-live of 1 December 2014.

“We are delighted to have been appointed by the LPPFCL to be the new home for London Platinum and Palladium Prices,” said Matthew Chamberlain, Head of Business Development at the LME.

“The LME’s benchmark administration capabilities, high quality custom-built technology and strong links to both the financial and physical metal industries make the LME the natural home for the London pricing mechanism.”

“With the support of the broader HKEx Group, we are well-positioned to combine our steadfast commitment to the London market with unrivalled access to Asian participants in order to increase the use and dissemination of the London prices,” said Garry Jones, LME Chief Executive and HKEx Co-Head of Global Markets.

Notes to editors

  • The LPPFCL announced on 31 July 2014 that, following a review of its fixing process, it would commence an RFP process with a view to appointing a third party to assume responsibility for the administration of the London Platinum and Palladium Prices in place of the LPPFCL.
  • The pricing mechanism is dependent on market participation. The LME has worked with the LPPFCL to ensure that its solution can be adopted on 1 December by both existing LPPFCL members, and new participants.

Contact details

For further information or to speak to an LME spokesperson, please contact:

Miriam Heywood
+44 (0)207 113 8538
miriam.heywood@lme.com

Bianca Blake
+44 (0)207 113 8534
bianca.blake@lme.com

About the London Metal Exchange

The London Metal Exchange, a member of HKEX Group, is the world centre for industrial metals trading.

The majority of global non-ferrous metals business is conducted on our three trading platforms: LMEselect (electronic), the Ring (open outcry) and the 24-hour telephone market. The world’s metal community uses the LME to trade futures and options, and to hedge against adverse price movements. Prices that are discovered on our markets are used as the global reference prices.

Participants can trade aluminium, aluminium alloycopper, tin, nickel, zinc, lead, molybdenum, cobalt, steel billet, steel rebar and steel scrap, and four regional aluminium premiums contracts. In 2016, 156.5 million lots were traded on the LME, the equivalent of 3.5 billion tonnes and $10.3 trillion in notional value.

At the close of the year, approximately 3.6 million tonnes of material was held on LME warrant in more than 600 storage facilities across 34 locations internationally.