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Singapore bourse to start trading gold contract on March 30
SINGAPORE, March 11 |
SINGAPORE, March 11 (Reuters) - Singapore Commodity Exchange (SICOM), a unit of Singapore Exchange (SGX) (SGXL.SI), said it will commence trading of its new gold deferred settlement contract on March 30.
The contract will be priced in U.S. dollar per troy ounce and is a spot contract with deferred settlement, SICOM said in a statement, adding that the contract is made up of 10 troy ounces of gold with a minimum purchase requirement of 300 lots.
SICOM said the new contract will allow investors to gain exposure to the international spot gold price without having to handle any physical delivery of gold nor payment of the full notional contract value.
The move was part of the plan by SGX, Asia's second-most valuable listed bourse, to attract new investors and boost its trading volumes.
The bourse has been developing and introducing new products in a bid to narrow the gap with rival Hong Kong Exchanges and Clearing (0388.HK).
In addition to being traded in cash market XAU=, bullion is also traded in New York's COMEX <0#GC:> and Tokyo Commodity Exchange <0#JAU:>.
For details, see: [ID:nSNZ9W8qpc] (Reporting by Harry Suhartono, Editing by Himani Sarkar)
