Full Content
Introduction
Following the London Metal Exchange’s (LME) announcement that they will cease to administer the LBMA Platinum Price and LBMA Palladium Price, LBMA has announced that it intends to appoint ICE Benchmark Administration Limited (IBA) as the administrator of these benchmarks and their related auction processes.
IBA is authorised and regulated by the UK’s Financial Conduct Authority (FCA) to carry out the Regulated Activity of “administering a benchmark” and has been the administrator of the LBMA Gold Price and LBMA Silver Price since 2015 and 2017, respectively.
The LBMA Platinum Price and the LBMA Palladium Price are the global benchmark prices for unallocated platinum and palladium delivered in London.
In preparation to transition the benchmarks to IBA at a point during Q3 2026, IBA published a questionnaire for LBMA Platinum Price and LBMA Palladium Price benchmark users and has held in-depth discussions with existing platinum and palladium auction participants.
Based on the feedback received, IBA has set out draft proposals in this consultation for the methodology and specification to be used for the benchmark setting auction process.
About the Consultation
IBA is issuing this consultation to seek feedback in relation to its proposals.
Responses will be treated in confidence by IBA. After the consultation period has closed, IBA may share information on an aggregated anonymised basis, either with the Precious Metals Oversight Committee (PMOC) or by issuing a Feedback Statement summarising users’ responses.
Any comments on IBA’s proposals should be addressed to IBA@ice.com on or before Tuesday, 3 March 2026.
Alternatively, comments may be posted to IBA at the following address, to arrive by 3 March 2026:
ICE Benchmark Administration Limited
2nd Floor, Sancroft,
Rose Street, Paternoster Square
London EC4M 7DQ
Please address any queries about the consultation to IBA@ice.com.
The personal data you provide in your response to this consultation will be processed by IBA for the purpose of understanding the views of the market on the LBMA Platinum Price and the LBMA Palladium Price in order to facilitate a smooth transition of the auctions and benchmark administration to IBA. Our legal ground for processing your personal data in this way is that it is necessary for us to pursue this legitimate interest. For further information, including how IBA protects your data and your rights, please review IBA’s Privacy Policies here.