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Thursday, June 26, 2014
Singapore's gold futures contract on SGX to start trading September
THE world's first exchange-traded, wholesale 25 kilobar gold contract, to be listed on the Singapore Exchange, is scheduled to start trading as early as September 2014, Lim Hng Kiang, Minister for Trade & Industry, said on Wednesday.
In his opening address at the London Bullion Market Association (LBMA) Singapore Market Forum, Mr Lim said the World Gold Council (WGC), the Singapore Bullion Market Association (SBMA), the Singapore Exchange (SGX), and four leading bullion banks - JP Morgan, Scotia Bank, Standard Bank and Standard Chartered - will come together to create this physically deliverable contract.
"With strong support from the Singapore Government, we expect this contract to commence trading as early as September 2014,'' Mr Lim said.
He noted that the development was "timely" given the increased requirements for reference prices to be transparent.