The London Metal Exchange (LME) has been appointed 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 and precious metals market participants to be the new home for London platinum and palladium prices,” says 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,” says Garry Jones, LME chief executive and HKEx co-head of global markets.
