Comdaq Metals

What Comdaq Metals does

Comdaq Metals Ltd operates a B2B peer-to-peer trading platform for physical platinum group metals (PGMs), founded in London in 2002 by Neil Grover. Its core products include an online trading portal for spot Rh, Ru and Ir and Pt/Pd sponge swaps, the Comdaq Metals Rhodium Benchmark (CMRB) delivered via a custom-built electronic auction platform, a Mark-to-Market risk management tool providing 24/7 access to custom valuation reports, and access to historical traded data covering bid, mid and offer prices since 2002. Trades are executed against bilateral existing credit facilities between members rather than on a central order book.

The company serves 180+ members, primarily physical-metals trading counterparties exposed to PGM price fluctuations that require VAR and deviation transparency. Revenue is generated through CMRB membership agreements, reference-price licensing, and historical data subscriptions, although no pricing is publicly disclosed. Comdaq Metals Switzerland A.G. functions as the wholly-owned operator and administrator of the CMRB, allowing the benchmark to be administered from a Swiss jurisdiction. The benchmark is supported by an Oversight Committee, a published Code of Conduct, an IOSCO Compliance Statement, and an independent IOSCO audit completed on 27-03-2025.

The firm is privately held with 1-10 employees, has no disclosed funding history, and operates without public marketing presence beyond its trading portal. Its competitive positioning rests on incumbency in illiquid PGM markets, a 23-year continuous historical dataset, IOSCO-aligned governance, and a two-sided member network rather than on technology differentiation or aggressive commercial expansion.

Name

Comdaq Metals

Legal name

Comdaq Metals Ltd.

Website

https://comdaqmetals.net

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Comdaq Metals Ltd operates a B2B peer-to-peer trading platform for physical platinum group metals, serving 180+ members with spot Rh, Ru, Ir trading and Pt/Pd sponge swaps alongside its daily tradeable CMRB rhodium benchmark.

Ownership category

akta.pro rank

Product category

Platinum Group Metals Trading Platform

NAICS

Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Metals Commodities Exchanges (Precious & Base Metals) (FSAFAMAD)

akta.pro secondary industry

Metals Derivatives Exchanges (Precious & Base Metals) (FSAFABAE)

Keywords

• PGM trading platform
• Rhodium benchmark
• Precious metals trading
• Price discovery services
• Electronic auction platform

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. CMRB Membership: Platform provides P2P trading services in PGMs with membership-based access. CMRB membership agreement required for benchmark access.
2. Data & Price Discovery Services: Unique traded data from 180+ members including bid, mid and offer since 2002. Historical traded data provided to members.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Comdaq Metals operates a B2B online peer-to-peer trading platform for physical platinum group metals (PGMs), enabling spot trading in rhodium, ruthenium and iridium, and sponge swaps in platinum and palladium, plus Bank of England gold swaps. The company delivers the Comdaq Metals Rhodium Benchmark (CMRB) — a daily tradeable benchmark administered by its Swiss subsidiary via a custom-built electronic auction platform — alongside a Mark-to-Market risk management tool and historical traded data services drawing on 180+ members since 2002.

Product overview

Comdaq Metals operates a unified B2B trading platform for physical precious metals, consisting of an Online Trading Portal for P2P spot and swap transactions, the CMRB (Comdaq Metals Rhodium Benchmark) providing daily tradeable price benchmarking, and a Mark-to-Market risk management tool. The platform also provides access to historical traded data from over 180 member participants since 2002. Trade is controlled via bilateral existing credit facilities.

Differentiator

Problem solved

Functional benefit

Brands

• CMRB: Comdaq Metals Rhodium Benchmark - A daily tradeable benchmark for rhodium pricing delivered via custom-built electronic auction platform, also covering Ru & Ir spots and Pd & Pt sponge swaps.
• CMRB Membership

Products and services

• Online Trading Portal A B2B peer-to-peer online trading platform for physical platinum group metals enabling spot trading of rhodium, ruthenium and iridium, sponge swaps in platinum and palladium, and Bank of England gold swaps; accessible to registered and approved enterprise members via web on any device at any time.
• CMRB (Comdaq Metals Rhodium Benchmark) A daily tradeable benchmark for rhodium pricing administered by Comdaq Metals Switzerland A.G. via a custom-built electronic auction platform, covering Rh, Ru and Ir spots and Pt & Pd sponge swaps; access requires a CMRB Membership Agreement and is delivered under an IOSCO-compliant governance framework.
• Mark-to-Market Risk Management Tool

Quantifiable outcome

• 180+ members providing traded data
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ComdaqMetals
• LinkedInlinkedin.com/company/comdaq-metals-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Comdaq Metals