The same modus operandi is used to fix gold prices each day. However, given the market manipulation revelations that have revealed market abusive behaviour in almost all benchmarks including interest rates (LIBOR), Foreign Exchange (London 4pm fix), interest-rate swaps (ISDAfix) and metals (Gold and Silver fixes), the decision was made to shift responsibility for platinum and palladium from the LPPFCL to a third party.

The LBMA’s ‘old-boy’ styled system of conference calls, nods and winks is gradually entering the digital age, one commodity at a time.