Sponge Accreditation Rules for Rhodium
Current Good Delivery Refiners
Specifications for LPPM Sponge Accreditation and Application Procedures
Due to requests from Good Delivery (GD) refiners the LPPM has decided to introduce a Rhodium Sponge Accreditation list. All refiners currently on the GD bar and/or the Platinum and Palladium Sponge Accreditation lists will be entitled to be added to the Rhodium Sponge Accreditation list if they so wish.
Applications from refiners not on these lists will be welcome but they will need to go through a process very similar to the current Platinum and Palladium Sponge new applicant rules.
The LPPM Referees have prepared a set of standards for the accreditation of Rhodium sponge, including two extensive Round Robin analyses tests.
The objective is to facilitate and streamline the trade in Rhodium sponge and increase the confidence of all market participants when dealing with this material. As with Platinum and Palladium sponges, for practical security reasons, it will not be possible to have Rhodium Sponge accepted for spot value by the clearing banks and vaults, which means Rhodium sponge will not become good delivery material.
To be included on the LPPM Rhodium Sponge Accreditation list, GD and Platinum and Palladium Sponge Accredited refiners must pass a process very similar to the current GD Proactive Monitoring (PAM) and repeat that every three years. They will be required to provide sponge samples that will be analysed against the LPPM standards, full details are given in the annexes.
A lot of work has been done in preparation by the LPPM referees and six other major primary and secondary LPPM GD refiners. This included two extensive round robin analyses exercises of Rhodium sponge samples and method comparisons. This has resulted in a set of standards summarised below.
Current LPPM Good Delivery and Platinum and Palladium Sponge Accredited Refiners
All refiners currently on the GD bar and sponge lists will be entitled to be added to the Rhodium Sponge Accreditation list if they so wish.
To receive and maintain their certification on the LPPM Rhodium Sponge Accreditation list, refiners must pass a process very similar to the current GD Proactive Monitoring (PAM) and repeat that every three years. They will be required to provide sponge samples that will be analysed against the LPPM standards.
Full details are in the annexes.
Download the Rhodium Sponge Accreditation Rules here
The LPPM Sponge Accreditation Lists are the copyright of the LPPM. Reproduction and dissemination of the Lists is permitted only with the express written permission of the LPPM and an acknowledgement of the LPPM’s copyright.