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Singapore seeks to rival London and NY with new gold contract
By Leslie Hook and Owen Walker
Financial Times, London
Tuesday, May 13, 2025
Singapore-based start-up Abaxx Exchange is seeking to challenge the dominance of London and New York in the global bullion market with the launch of a new physical gold contract, following a blistering price rally this year.
The bourse, which has raised more than $100 million from investors including BlackRock and CBOE Global Markets, plans to offer a physical 1-kilo gold contract next month, denominated in U.S. dollars and deliverable in Singapore.
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Chief executive Josh Crumb described the structure of the gold market -- in which London is the center of physical trading and New York the center of the futures market -- as "dysfunctional" because infrastructure has not kept pace with how it is traded.
"Our view is that Asia ex-China needs a gold market, to manage the physical gold, that is not reliant on New York and London," said Crumb, pointing to "geopolitical" risks in the US and UK.
Building a physical gold market in Singapore would help meet the needs of commercial gold users such as jewelry manufacturers in the region, added Crumb.
"In Singapore, people feel like they are not well served by the existing market," said Crumb. "The actual real physical demand is kilo bars going into Asia." ...
... For the remainder of the report:
https://www.ft.com/content/6b63ca67-6951-4013-8f42-581e4a962e85
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