Trade was established in the early 20th century, typically by existing dealers of gold and silver.

In 1973, metal dealers established "London Platinum and Palladium Quotation"—a forerunner of the fixings.

In 1979, leading dealers from London and Zurich signed an agreement to standardize the origin and specifications of the metals of the good delivery quality.

The bid price is one at which members of LPPM guarantee that they will buy good delivery metal.

Unlike a futures exchange, an OTC market offers some flexibility and confidentiality of transactions carried out between two entities.