LME to take over London platinum, palladium fixes
By GCRU Gold News on Friday, October 17 2014, 03:39 - Permalink
The London Metal Exchange, owned by Hong Kong Exchanges and Clearing Ltd, will take charge of London's platinum and palladium pricing, also known as "fixes", from Dec. 1, replacing a teleconference with an electronic platform.
The unexpected move marks a stunning comeback for the LME, which failed to secure administration of the century-old London silver price benchmark - the first to go electronic in a wave of reform for precious metals pricing procedures.
It also puts the world's biggest metals marketplace back in contention to take over the much larger gold benchmark.