- 3,000 contracts traded on first day
- First deliverable gold futures at HKEX
- Complement LME’s new gold futures
The offshore Renminbi (CNH) and US dollar (US$) Gold Futures contracts rolled out today by Hong Kong Exchanges and Clearing Limited (HKEX) had an encouraging start, with total volume exceeding 3,000 contracts. Twenty Exchange Participants traded the new contracts today.
* Day Trading Session (8:30 am to 4:30 pm).
The new products are HKEX’s first deliverable gold futures, and they complement the gold futures introduced today by the London Metal Exchange (LME), a wholly-owned subsidiary of HKEX, under its LMEprecious initiative with the World Gold Council and industry participants.
HKEX hosted a launch ceremony in its Exhibition Hall this morning, with remarks by Ashley Alder, Chief Executive Officer of Hong Kong’s Securities and Futures Commission, and HKEX Chief Executive Charles Li, to mark the occasion.
“We have a number of firsts with these new products: it’s the first time we’ve launched futures in two currencies, it’s the first time we’ve offered deliverable gold futures in Hong Kong and the LME is the first exchange to offer spot to five-year loco London futures,” Mr Li said.
“We thank our regulators, our market participants and everyone else who contributed to the successful launch of our CNH and US$ Gold Futures,” Mr Li said. “The new futures had a very good start today, with active trading in both contracts.”
For additional information, please see the HKEX websites on CNH Gold Futures and USD Gold Futures, as well as the LME website.