Platinum and Palladium Reference Pricing

The London Metal Exchange (LME) engaged Sinara to develop LMEbullion, which is a custom-built electronic auction system that delivers twice-daily reference prices for the platinum and palladium markets.

LMEbullion was designed by Sinara in conjunction with LME in close consultation with the precious metals community, and is a ‘best of both worlds’ solution combining the best elements of an electronic platform with the previous telephone-based fixing methodology.

LMEbullion delivers fully automated price-display auctions. House traders, client traders and direct clients of participants are shown a potential execution price and asked to indicate their interest. If the interest of all participants is within the permitted tolerance, the price will be confirmed and consequential trade allocations are distributed back to the participants. If the imbalance is outside the permitted range, a new price will be calculated and displayed to the participants in order to commence the next round.

Working on site, Sinara’s technical management of the agile development cycle allowed for close, direct coordination between business managers, in-house testing teams, information security and the Sinara developers. This resulted in the delivery of the bespoke platform on a reduced timeline while maintaining code and client security standards throughout the development cycle.

The bespoke platform was designed and developed with the latest in bilateral web communication methods on top of known LME preferred architecture and design patterns. Sinara’s in depth knowledge of our client’s architectural needs allowed the technical team to integrate LMEbullion into the existing live LME systems such as compliance monitoring as well as providing auxiliary components such as LMEbullion specific vendor data feeds.

Sinara delivered the LMEbullion system on-time against very demanding timescales, and continues to provide a comprehensive support service for the software.

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