Precious metals trading to increase in London market
- Published: May 10, 2017, 4 AM
The London exchange is a subdidiary of the Hong Kong Exchanges and Clearing.
The Hong Kong exchange, according to the South China Morning Post, has positioned to launch trading in gold futures during the third quarter of calendar year 2017 if it is successful in securing approval from Hong Kong's Securities and Futures Commission.
The trading of precious metals in both markets will remain separate, with no cross trading, according to the Post.
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Speaking May 8 at a precious metals workshop in Hong Kong, Kate Eded, LME's head of precious metals, is quoted as saying the LME and HKEX precious metals products will be traded in completely different markets and in different time zones.
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The gold and silver futures contracts are to be traded in U.S. dollars, with five banks, including Morgan Stanley and Goldman Sachs, contributing price quotes to support market liquidity.
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