The London Platinum and Palladium Market (LPPM)

What The London Platinum and Palladium Market (LPPM) does

The London Platinum and Palladium Market (LPPM) is a London-headquartered trade association established in 1987 that sets globally recognized standards for the platinum, palladium, and rhodium (PGM) markets. The organization maintains the London/Zurich Good Delivery Lists — covering 39 Platinum refiners and 33 Palladium refiners — that establish accepted specifications for plates and ingots traded on a Loco London and Loco Zurich basis, and administers Platinum, Palladium, and Rhodium Sponge Accreditation lists. It operates the Responsible Sourcing Programme aligned with the OECD five-step due diligence framework, which became mandatory for all Good Delivery refiners in January 2020 and now extends to rhodium under RPG5 (mandatory January 2026). The LPPM also oversees the LBMA Platinum and Palladium Price benchmark auctions, administered by ICE Benchmark Administration from 1 July 2026.

The LPPM serves 113 members across 21 countries in four tiers: 18 Full Members (banks, refiners, and trading houses engaged in market making and clearing), 44 Associate Members (firms trading PGMs with appropriate net assets), 48 Affiliates (support service providers), and 3 Affiliated Exchanges (CME Group, ICE, and Osaka Exchange, which reference LPPM standards in their PGM contract specifications). Revenue is generated entirely through annual membership subscriptions — £10,730 for Full Members, £5,050 for Associates, £1,265 for Affiliates, and £8,835 for Affiliated Exchanges — implying gross annual membership fee revenue of approximately £502,565.

The association is governed by a Management Committee elected annually by members and a Supervisory Committee of three Independent Non-Executive Directors appointed effective January 2025. With approximately eight employees, the LPPM is an institutional standards body rather than a scaled technology company; its competitive position rests on brand authority (37-year history), network scale (113 members across 21 countries), and the regulatory entrenchment of its Good Delivery and Responsible Sourcing standards in London and Zurich clearing infrastructure. Strategic activity in 2025–2026 has focused on extending standards to rhodium, transitioning benchmark administration to IBA, and deepening responsible-sourcing partnerships with IRMA and LBMA.

Name

The London Platinum and Palladium Market (LPPM)

Legal name

The London Platinum and Palladium Market

Website

https://lppm.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

The London Platinum and Palladium Market (LPPM) is a London-headquartered trade association that sets Good Delivery standards, Sponge Accreditation, and Responsible Sourcing requirements for platinum, palladium, and rhodium refiners, serving 113 members across 21 countries.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Membership Fees: LPPM generates revenue through annual membership fees across four categories. Full Membership at £10,730 per annum, Associate Membership at £5,050 per annum, Affiliate Membership at £1,265 per annum, and Affiliated Exchange Membership at £8,835 per annum. All fees plus VAT unless not applicable.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels4 records

Core offering

The LPPM is a trade association that sets and maintains globally recognized standards for the platinum, palladium, and rhodium (PGM) industry. Its core offerings include the Good Delivery Lists for platinum and palladium plates and ingots, the OECD-aligned Responsible Sourcing Programme, Sponge Accreditation lists for platinum, palladium, and rhodium, and the LBMA Platinum and Palladium Price benchmark administered by ICE Benchmark Administration (IBA).

Product overview

The London Platinum and Palladium Market (LPPM) is a trade association that operates as a market organization for platinum, palladium, and rhodium. The LPPM's core offerings include the Good Delivery Lists (maintaining standards for platinum and palladium bars), the Responsible Sourcing Programme (OECD-aligned due diligence and audit framework), and Sponge Accreditation (for platinum, palladium, and rhodium sponge producers). The organization also facilitates the LBMA Platinum and Palladium Price benchmarks, administered by ICE Benchmark Administration Limited. Supporting services include Proactive Monitoring (PAM) for refiners, Certified Reference Materials, Value Dates, and a weight conversion tool. The association serves its global membership across four tiers: Full, Associate, Affiliate, and Affiliated Exchange members.

Differentiator

Problem solved

Functional benefit

Products and services

• Good Delivery Lists Lists of acceptable refiners of platinum and palladium plates and ingots in the London and Zurich markets. Facilitates trading between Loco London and Zurich members and ensures international distribution and acceptability of standard products. Used by banks, refiners, and exchanges worldwide.
• Responsible Sourcing Programme A risk-based due diligence programme aligned with OECD five-step framework. Includes annual audits, supply chain due diligence, and continuous improvement requirements for PGM refiners. Ensures all LPPM Good Delivery metal is conflict-free.
• Sponge Accreditation Accreditation programme for platinum, palladium, and rhodium sponge producers that complements the Good Delivery bar lists. Enhances trading confidence for PGM sponge materials and is available to current GD refiners and new applicants.
• LBMA Platinum and Palladium Price Global benchmark prices for unallocated platinum and palladium delivered in London. Provides reference prices used in precious metals markets; licensing required from IBA for redistribution of real-time or historical data.
• Proactive Monitoring (PAM) Monitoring service for refiners on the Good Delivery List that ensures ongoing integrity and reputation of the lists. Involves sample testing by LPPM referees and requires financial and production information submissions from refiners.
• Platinum and Palladium Certified Reference Materials (CRMs) Reference materials for analytical chemistry standardization in the PGM industry. Manufactured by Tanaka K.K. and analyzed for homogeneity and contained elements by LPPM referees and PGM companies.
• LPPM Membership Services Four-tier membership structure providing market access and standards participation: Full Members (trading/dealing, market making, clearing, refining), Associate Members (trading), Affiliates (support services), and Affiliated Exchanges. Members receive Good Delivery access, event invitations, and use of LPPM logo.

Quantifiable outcome

• Good Delivery Lists accepted by clearing banks and vaults worldwide for Loco London and Zurich trading
• +1 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Eight partnerships are on record, tiered core, strategic and minor.

• ICE Benchmark Administration (IBA)coreTechnology or Integration · 1 July 2026ICE Benchmark Administration began administering LBMA Platinum and Palladium Price auctions and benchmarks from 1 July 2026. IBA requires licensing for obtaining, using or redistributing real-time or historical LBMA Platinum and Palladium Price data. Contact: [email protected] and [email protected].
• Initiative for Responsible Mining Assurance (IRMA)strategicStrategic or Co-development Partner · 31 October 2025Non-exclusive collaboration to advance responsible sourcing in PGM value chain. Partnership strengthens shared approaches to assurance and supports mutual members. Three key collaboration areas: (1) regular dialogue on best practices metrics, (2) jointly listening to member needs, (3) exchanging knowledge on audit performance measurement. LPPM signed MoU with IRMA for knowledge exchange and joint exploration of audit process improvements.
• London Metal Exchange (LME)coreTechnology or Integration · 1 December 2014LME administered the LBMA Platinum and Palladium Price benchmarks from December 2014. LME developed LMEbullion electronic pricing platform for twice-daily auctions. LME ceased administration on 30 June 2026 when IBA took over.
• London Bullion Market Association (LBMA)coreStrategic or Co-development PartnerLBMA works with LPPM on precious metals pricing benchmarks and responsible sourcing guidance. LPPM coordinates with LBMA to allow Good Delivery refiners to combine audit visits for platinum, palladium, gold and silver. LBMA/LPPM co-organize Global Precious Metals Conference annually.
• CME GroupcoreChannel Partner/ Reseller/ DistributorCME Group is an Affiliated Exchange Member using LPPM Good Delivery List as delivery standard for their exchange's platinum and palladium contracts.
• Osaka Exchange, Inc (OSE)coreChannel Partner/ Reseller/ DistributorOsaka Exchange is an Affiliated Exchange Member using LPPM Good Delivery List as delivery standard for their exchange's platinum and palladium contracts.
• International Precious Metals Institute (IPMI)minorStrategic or Co-development PartnerLPPM participates in PACT Committee (Preventing Auto Catalyst Theft) formed by IPMI to propose practical solutions for preventing catalytic converter theft and promoting public understanding about precious metals in catalytic converter recycling.
• Financial Times (FT)strategicGTM or Marketing PartnerLPPM is a supporting partner at the FT Precious Metals Symposium being held 14 October 2026. Event brings together investors, miners, central bankers, traders and policymakers to examine market dynamics over 12-24 months.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Initiative for Responsible Mining Assurance (IRMA): IRMA is a multi-stakeholder standard for responsible mining that LPPM has partnered with via an MoU signed 31 October 2025. It is an emerging peer in mine-level responsible-sourcing standards relevant to LPPM's downstream refiners.
• Responsible Minerals Initiative (RMI): RMI administers the RMAP assessment programme for tin, tantalum, tungsten, gold, and cobalt and is expanding into responsible-mining assurance. It is an emerging peer in the responsible-sourcing assurance space that overlaps with LPPM's RPG5 framework.

Broad incumbents

• CME Group: CME Group is an LPPM Affiliated Exchange Member that uses LPPM Good Delivery Lists as the delivery standard for its COMEX platinum and palladium futures and options. It is a broad incumbent peer in exchange-traded precious-metals derivatives.

Direct peers

• International Precious Metals Institute (IPMI): IPMI is a global industry association for the precious-metals value chain, with whom LPPM partners on the PACT Committee (preventing catalytic converter theft). It is a direct peer in cross-industry precious-metals coordination and education.
• London Metal Exchange (LME): The LME administered the LBMA Platinum and Palladium Price benchmarks from 2014 until 30 June 2026 and continues to operate a global marketplace for non-ferrous metals. It is a direct peer in benchmark administration and metals-market infrastructure.
• World Gold Council: The World Gold Council is the market-development and standards body for the gold industry, sponsoring research, LBMA benchmark input, and industry guidance. It is a direct peer as a precious-metals industry association promoting integrity and demand.
• ICE Benchmark Administration (IBA): IBA took over administration of the LBMA Platinum and Palladium Price auctions and benchmarks from 1 July 2026 and operates other precious-metals and energy benchmarks. It is a direct peer in price-benchmark administration and licensing.
• London Bullion Market Association (LBMA): The LBMA is the trade association that sets Good Delivery standards and benchmark prices for gold and silver in London. It is the closest functional peer to LPPM, with both organisations jointly administering precious-metals benchmarks and co-hosting the annual Global Precious Metals Conference.

Others

• Tanaka Kikinzoku Kogyo K.K. Tanaka manufactures the LPPM Platinum and Palladium Certified Reference Materials and is itself an LPPM Full Member refiner. It is an ecosystem participant whose products and accreditation status directly depend on LPPM standards.

Regional players

• Shanghai Gold Exchange: The Shanghai Gold Exchange operates the dominant Chinese PGM and precious-metals trading venue. It is a regional peer that competes for influence over global PGM price discovery but does not directly serve the Loco London market.

Market position

Strengths5 records

Weaknesses5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/lppm

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

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 The London Platinum and Palladium Market (LPPM)