LBMA congratulates CME Group in its important decision to align responsible sourcing standards for silver, platinum and palladium. Effective from Thursday, 3 May 2021, COMEX and NYMEX will amend the requirements for responsible sourcing for NYMEX platinum and palladium and COMEX silver deliverable against the respective physically delivered futures contracts listed on the Exchanges.
In addition to the existing conditions for approval of NYMEX platinum and palladium producers, the Rule Amendments are intended to implement additional safeguards by requiring that a producer of platinum or palladium bars must also comply with the current London Platinum and Palladium Market (LPPM) Responsible Platinum Guidance and Responsible Palladium Guidance. Regarding COMEX silver, the Rule Amendment is intended to implement additional safeguards by requiring that a producer of silver bars also comply with the current LBMA Responsible Silver Guidance. You can read CME Group’s announcement here.
The same arrangements were put in place for gold by CME on 8 April 2015.
Find out more about LBMA's responsible sourcing programme