Johnson Matthey has become the fifth participant in the twice-daily pricing of platinum and palladium, the London Metal Exchange confirmed to FastMarkets.
The precious metals and chemical technology firm becomes the fifth member to participate in the LMEBullion system, joining BASF Metals, Goldman Sachs International, HSBC Bank USA and Standard Bank.
“We believe that wider participation will maximise the effectiveness of the process, and we look forward to broadening participation further,” the exchange said on Monday.
The LME won the administration of the platinum and palladium price benchmarking in October 2014 – it took over the running of the process from December 1.
The prices are published twice daily and consist of outright prices for platinum and palladium in dollars, euros and sterling.
The London Bullion Market Association (LBMA) took formal ownership of the platinum and palladium prices in December.
(Editing by Mark Shaw)