Stiff rivalry in the offing for SGX gold futures
CME, Shanghai Gold Exchange also planning launches in the near future
SINGAPORE Exchange's (SGX) gold futures - due to be launched as soon as this month - are set to face fierce competition in the region.
CME Group, the largest futures operator globally, will be launching a physically deliverable gold futures contract in Hong Kong in the fourth quarter of this year, while gold trading for international players will start in the Shanghai free trade zone at the end of this month.
CME's kilobar contract will be smaller than SGX's, which will make it accessible to a wider and more diverse group of traders, its executive director of metals products, Harriet Hunnable, told the press over a conference call on Thursday. Target users will include both physical players as well as financial firms such as hedge funds and banks, she added.
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