LBMA tasks IBA to also administer platinum, palladium prices
Independent precious metals authority the London Bullion Market Association (LBMA) has appointed ICE Benchmark Administration (IBA) as the administrator of the LBMA Platinum and Palladium Prices.
LBMA in November last year announced that the London Metal Exchange would cease to administer the LBMA Platinum and Palladium Prices to focus on its core base metals offering.
LBMA had since been in talks with market participants on the best way to proceed.
The IBA has, since 2015 and 2017, respectively, successfully administered LBMA’s Gold and Silver Prices segments. “We see benefits for the precious metals market in housing all four precious metals under one administration and auction process,” says LBMA CEO Ruth Crowell.
IBA president Clive de Ruig says the firm will be working closely with the LBMA and auction participants as it takes responsibility for the Platinum and Palladium Auctions to ensure a smooth transition over to the IBA during the third quarter of the year.
“The IBA has hosted the London Gold and Silver Auctions on behalf of the LBMA for more than 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 the IBA."
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