How soon will MorganChase, Goldman need seats on this exchange?

Section:

Vietnam's First Gold Exchange
Opens in Ho Chi Minh City

From Vietnam Economic Times, Hanoi
Monday, May 28, 2007

http://www.vneconomy.com.vn/eng/?param=article&catid=04&id=51b1e9041b5df...

During the opening session yesterday at the Saigon Gold Trading Exchange, 7,250 taels of gold, equal to 93 billion Vietnamese dong (US$5.8 million), were traded.

The trading floor, the first of its kind in Vietnam, was organised by the joint stock Asia Commercial Bank (ACB).

It offers investors another choice apart from the securities market, where traders, Vietnamese institutions, and individuals can earn profits from the fluctuation in the price of gold.

Ly Xuan Hai, ACB's general director, said the trading floor provided an organised, safe, and effective model for gold trading.

At this exchange, at 29 Ly Thuong Kiet St. in Tan Binh District, traders will place their orders with representatives of the floor's trading member companies and the orders will be matched continuously, according to Hai.

There are now nine trading members, including ACB, the Vietnam Export Import Commercial Bank (Eximbank VN), Viet A Bank, and Saigon Jewelry Holding Co. (SJC).

SJC-branded gold bars will be the goods for trading, according to an ACB representative. SJC gold represents around 98 percent of the transactions in the country.

The trading lot is 10 taels of gold or its arithmetic progression. Trading sessions are between 9-11 a.m. and 1-3 p.m. during the five-day work week.

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