UK: Eiger Trading,
the UK-based Murabahah broker and platform provider, has become an
affiliate of the London Platinum and Palladium Market (LPPM), one of the
world’s pre-eminent markets and standard-setting bodies for the physical
trading of platinum group metals (PGM), IFN can exclusively reveal.
“As we have expanded and diversified our trading of physical metals to
offer greater volumes of platinum and palladium through our commodity
platform, we felt it was important to affiliate ourselves with the
leading pricing and delivery standards body within the market,” explained
Tom Guest, Eiger Trading’s head of global marketing, to IFN.
LPPM members and affiliates represent a broad cross-section of the
platinum group metals’ value chain – from miners and refiners, to
industrial users and financial intermediaries. “Our commodity market
relationships, including this latest affiliation with the LPPM, allow us
to offer Islamic market participants the inventory they require,” said
Guest. "As a global commodity market intermediary serving the
Islamic financial community we aim to adhere to the highest industry
standards and governance frameworks, and our affiliation with the LPPM,
in addition to our LME membership and FCA-regulation, demonstrate Eiger’s
continued commitment to this goal."
Rarer than gold, platinum and palladium are key industrial metals widely
traded in the Murabahah markets. While there has been downward pressure
on many metals due to China’s economic slowdown, Guest noted that there
remains strong fundamentals behind industrial demand for platinum and
palladium from the automotive sector due to their use in catalytic
converters, driven in part by the sale of more diesel vs petrol cars, and
tighter emissions standards globally.
“And although we are delighted to increase our PGM trading, as it is an
established asset class within the market,” he added, “we continually
seek to bring new commodities to Islamic banks and investors, which helps
to tie the Islamic financial sectors of member countries more closely to
their domestic economic activity.”
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