A Brief History

Platinum and palladium have a very recent history, unlike gold and silver, which have been known since the earliest civilisations. Platinum was only categorised as a precious metal in 1751 and palladium was isolated as a separate metal less than 200 years ago. In this relatively short period and despite only limited availability of the metals, they have made major contributions to modern scientific progress.

London has always been an important centre for the metals. Trading was established in the 20th century, usually alongside the longer established bullion metals.

In 1973 the London Platinum Quotation was introduced. It was the forerunner of the fixings; a twice-daily indication of the market price for spot platinum, reported by some of the principal companies dealing in the metal.

In 1979 the leading London and Zurich dealers reached an agreement to standardise the specifications and provenance of metal which they would accept as good delivery.

In 1987 the informal trading which had taken place for many years on a principal to principal basis was formalised via a Deed of Establishment into the London Platinum and Palladium Market.

In 1989 the London Platinum and Palladium Quotations were expanded and upgraded to full Fixings.

On 1 December 2014, the London Platinum and Palladium Fixing Company (‘LPPFCL’) ceased to administrate the London Platinum and Palladium Fixing Processes. The administration, by the London Metal Exchange (LME) of new benchmarks – the LBMA Platinum Price and the LBMA Palladium Price – was launched, with the agreement of the London Bullion Market Association.

The Market has four categories; Full, Associate, Affiliated Exchange and Affiliate - for more information, please visit our membership page.

The Market is managed by a Chairman and Management Committee, elected annually by members. Leading organisations dealing in platinum and palladium in major centres worldwide are represented on the London Market.

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