Hong Kong Exchange Begins Gold Trading to Lure Commodities Traders in Asian-Pacific Economies Away From Bourses in Chicago and London

http://www.advancedmarkettiming.com/

Gold Trading

As reported by Wall Street Journal’s Joanne Chiu:

HONG KONG—The Hong Kong Mercantile Exchange began trading U.S. dollar-denominated gold futures on its electronic platform Wednesday, in an attempt to lure commodities traders in Asian-Pacific economies away from bourses in Chicago and London.

The exchange, which was originally slated to launch trading by the end of 2009, offers a 32-troy-ounce gold futures contract priced in U.S. dollars with physical delivery in Hong Kong. Trading hours are from 8 a.m. to 11 p.m. Hong Kong time, overlapping commodity markets in Europe and the U.S. Hong Kong is 13 hours ahead of Chicago and seven hours ahead of London.

HKMEx gold for August delivery ended trading Wednesday at $1,498.50 a troy ounce. A total of 3,929 contracts were traded.

“With our launch today, we are well on our way to becoming the world’s gateway for commodities trading with China,” said Albert Helmig, the exchange’s president.

The exchange began trading with 18 members, among them financial institutions and futures commission merchants as well as several brokerage firms in Hong Kong.

Read More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s