CME Group, the world's leading and most diverse derivatives marketplace, today announced the first trades of the new Shanghai Gold (USD) futures and Shanghai Gold (CNH) futures contracts, launched on October 14, 2019 were executed by Bank of China. A total of nine futures contracts were traded by various commercial customers on October 14.
"Bank of China is very pleased to have executed the first trades of the new Shanghai Gold futures on CME Group," said Zhen Mei, General Manager of Global Markets Department, Bank of China. "The new products bridge the two largest gold exchanges effectively as China's gold market continues to internationalize. This offers new trading opportunities to the market."
"We are pleased to see industry support for the new Shanghai Gold futures contracts," said Young-Jin Chang, Managing Director and Global Head of Metal Products, CME Group. "The addition of these products in both USD and CNH further strengthens CME Group's already broad range of tools for global market participants in accessing Chinese gold markets and managing their price risks."
Designed to connect global market participants to Chinese gold markets, these two new financially-settled contracts are based on the SGE Gold Benchmark PM Price. CME Group is using the EBS CNH Benchmark – 3pmBeijing for USD conversion. The contract sizes are 1 kilogram, with the USD contract priced in troy ounces and the CNH contract priced in grams, and both contracts are listed on and subject to the rules and regulations of the COMEX.
For more information, visit www.cmegroup.com/shanghaigold.
