ICE Benchmark Administration Expands Precious Metals Role with Platinum and Palladium | LeapRate
ICE Benchmark Administration Limited (IBA), a subsidiary of Intercontinental Exchange, Inc. (NYSE:ICE), has officially taken over operation of the London Bullion Market Association’s (LBMA) Platinum and Palladium Prices and the daily auctions that determine these benchmark rates. This expansion adds to IBA’s existing role as administrator of the LBMA Gold and Silver Prices, giving the firm oversight of all four major LBMA precious metals benchmarks.
The LBMA first signaled its intention to appoint IBA to this expanded role in January 2026. The new auctions launched on July 1, 2026, running twice daily at 9:45 a.m. and 2 p.m. London time. Under the new structure, the platinum auction takes place first, with the palladium auction following once the platinum price has been published.
Clive de Ruig, President of ICE Benchmark Administration, said the firm’s track record over more than a decade demonstrates its ability to provide the governance and market expertise required by global benchmark users, noting that the auctions form the foundational infrastructure for precious metals price formation worldwide.
LBMA CEO Ruth Crowell welcomed the transition, citing IBA’s successful administration of the Gold and Silver Prices since 2015 and 2017, respectively. She expressed confidence that the shift would support continued efficient operation of the benchmarks.
IBA is regulated by the UK Financial Conduct Authority and recognized by ESMA. Licensing for the benchmark data is available through IBA’s licensing team.
