London Metal Exchange to become administrator of the London Platinum and Palladium Fixing
Following completion of the RFP process announced by The London Platinum and Palladium Fixing Company Limited (the LPPFCL) on 31 July 2014, the LPPFCL is pleased to confirm that the London Metal Exchange (LME) has been selected and has committed to become the new administrator of the London Platinum and Palladium Fixing, the twice-daily pricing benchmark for the Loco London platinum and palladium markets. The LPPFCL is now finalising arrangements for the transfer of the administration of the London Platinum and Palladium Fixing to the LME with effect from 1 December 2014.
The LME has developed a bespoke platform (LMEbullion) that will provide for an electronic pricing solution.
- 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 Fixing in place of the LPPFCL.
- The London Metal Exchange was founded in 1877 and is a leading venue for the trading of industrial metals – more than 80% of all non-ferrous metal futures business is transacted on LME platforms. As a recognised investment exchange the LME is regulated by the Financial Conduct Authority.
- It is intended that the LME will assume the administrator responsibilities for the London Platinum and Palladium Fixing with effect from 1 December 2014.
- The LPPFCL consulted with the LPPM management committee during the RFP process.
For more information please contact:
Andrew Walton, FTI Consulting
Tel: +44 20 3727 1514