The London Metal Exchange (LME) has received independent confirmation that the LBMA Platinum and LBMA Palladium Prices it administers comply with the Principles for Financial Benchmarks published by the International Organization of Securities Commissions (IOSCO).

The LME engaged Ernst & Young LLP earlier this year to examine the exchange’s price-discovery process for the platinum group metals. After a comprehensive review, Ernst & Young has issued its opinion affirming the suitability of the LME’s governance process and the effectiveness of its controls, as of 30 June 2015.
 
“The LME fully supports regulatory efforts to promote transparency, systemic stability and better management of risk, and we are delighted to receive independent confirmation that our administration capabilities meet IOSCO’s strict principles. We look forward to further work with the precious metals community to help deliver pricing solutions for the benefit of the whole market,” says Matthew Chamberlain (pictured), Head of Business Development.
 
The LME successfully launched its electronic price-discovery platform, LMEbullion, on 1 December 2014 to provide the LBMA Platinum and Palladium Prices, replacing the previous pricing mechanism run by the London Platinum and Palladium Fixing Company Ltd. The new reference prices are available on lme.com.