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Singapore to launch gold contract
By Jeremy Grant
Financial Times, London
Wednesday, June 25, 2014
SINGAPORE -- Singapore has unveiled plans for an exchange-traded gold contract, boosting its ambitions to become Southeast Asia's gold trading hub and adding to calls for gold pricing to be influenced more by Asian trade.
At the same time the Shanghai Gold Exchange said it wanted to attract foreign bullion dealers to use China's recently established free trade zone to store and trade gold. ...
The Singapore gold contract will be a 25 "kilobar" gold future offered on SGX, the Singapore exchange, and will be settled daily for physical delivery on a six-day rolling basis, the bourse told the London Bullion Market Association's annual forum, being held in Singapore for the first time.
Four banks -- JPMorgan, Standard Chartered, Standard Bank, and Bank of Nova Scotia -- have signed up as market makers. ...
... For the full story:
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