ICE Benchmark Administration Takes Charge of LBMA Platinum and Palladium Prices

On July 7, 2026, Intercontinental Exchange, Inc. (NYSE: ICE) announced a significant development in the world of precious metals trading. The ICE Benchmark Administration Limited (IBA) has officially taken over the administration of the London Bullion Market Association (LBMA) Platinum and Palladium Prices and their respective daily auctions. This transition marks a pivotal expansion of IBA’s role, which already includes the management of the LBMA Gold and Silver Prices.

The decision to appoint IBA as the administrator for the LBMA Platinum and Palladium Prices was first announced in January 2026. The daily auctions commenced on July 1, 2026, and occur twice daily at 9:45 a.m. and 2 p.m. London time. The platinum auction is conducted first, followed by the palladium auction once the platinum price has been established.

Clive de Ruig, President of ICE Benchmark Administration, expressed confidence in IBA’s capability to manage these key benchmarks. “Backed by ICE technology, IBA has demonstrated over more than a decade that it can deliver the governance and market expertise that global benchmark users depend on,” he remarked. He emphasized the importance of the auctions as foundational infrastructure for the global precious metals market.

Ruth Crowell, CEO of LBMA, echoed these sentiments, stating, “The LBMA Platinum and Palladium Prices play an important role in the global precious metals market, and we are delighted to welcome IBA as administrator of all four LBMA precious metals benchmarks.” She expressed confidence that the transition would enhance the efficiency of these benchmark prices.

IBA has been administering the London Gold and Silver Prices since 2015 and 2017, respectively. This established history of managing regulated benchmarks has positioned IBA as a trusted entity within the precious metals market. The administration of the Platinum and Palladium Prices adds to IBA's portfolio, solidifying its role in the precious metals sector.

The LBMA Gold, Silver, Platinum, and Palladium Price benchmark settings are available for licensing from IBA. This includes opportunities for redistribution, valuation, pricing activities, and use in financial transactions and products. Prospective licensees are encouraged to reach out to IBA’s licensing team for more information.

The transition of the LBMA Platinum and Palladium Prices to ICE Benchmark Administration is a strategic move that reinforces IBA's position as a leader in the management of precious metals benchmarks. With its strong foundation in the industry and the backing of advanced technology, IBA is poised to enhance the governance and efficiency of these critical market indicators. As global demand for precious metals continues to evolve, the successful integration of these benchmarks under IBA's administration will be crucial for market participants seeking transparency and reliability in their trading activities.