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The 2nd Bund Summit themed “Crisis and Opportunities: New Finance and New Economy in a New Situation” from Oct.23rd to 25th, 2020 in Shanghai concluded with great success. On Oct.25th, the cloud session entitled GLITTERING of London, New York & Shanghai Gold, Endeavoring to Build a Brand-new Global Gold Market.co-hosted by Shanghai Gold Exchange and the Bund Summit Organizing Committee kicked off in both virtual and in-person manner, and attracted more than 500,000 virtual attendees worldwide.
The cloud session, moderated by Mr. Song Yuqin, Vice Chairman of Shanghai Gold Exchange, brought together 5 heavyweight panelists in the global precious metals market including: Mr. Jiao Jinpu, Chairman of Shanghai Gold Exchange, Mr. Paul Fisher, Chairman of LBMA, Mr. Derek Sammann, Senior MD, Global Head of Commodities & Options of CME Group, Mr. David Tait, CEO of World Gold Council, and Ms. Jerry Zhang, CEO of Standard Chartered Bank (China) Limited.
During the session, panelists provided insightful views into how China gold market can open wider by forging deepened cooperation among London, New York, and Shanghai, especially in the context of increasingly complicated international landscape in the post-pandemic era.
“While the COVID-19 pandemic took a heavy toll on the world economy and the global financial market, said Mr. Jiao Jinpu, Chairman of Shanghai Gold Exchange in his remarks, SGE is actively engaged in ramping up cross-gold-market connectivity in the spirit of opening up and win-win cooperation by working closely with international major financial hubs and markets along the “Belt and Road” route. We stand ready to endeavor with London and New York gold market for a brand-new cooperation paradigm to advance win-win cooperation, share the growth opportunities, and tackle the challenges facing us all.”
Mr. Paul Fisher, Chairman of LBMA pointed out in his speech that 2020 had been an extremely challenging year due to the pandemic. It was therefore of critical significance to step up global cooperation. He then introduced LBMA’s extensive efforts in delivery standards, physical bullion management, and responsible gold sourcing. He addressed, LBMA and SGE had been in a long-term partnership in moving the global gold market forward with 19 mutual members. In the future, LBMA would continue to support the cooperation between the two markets.
Mr. Derek Sammann, Senior MD, Global Head of Commodities & Options of CME Group said in his speech that CME is the world's leading and most diverse derivatives marketplace and serves as the top 3 global gold hubs with SGE and LBMA. He recalled the joint product offerings between SGE and CME in 2019 based on CME Gold Futures Asia Price and Shanghai Gold Benchmark Price have provided global investors with opportunities to trade the spread and manage the risk. He reiterated that CME would continue to strengthen its partnership with SGE and other physical markets by exploring additional cooperative opportunities.
Mr. David Tait, CEO of World Gold Council, addressed in his speech that the great success of China’s flourishing gold trading market rooted from its clear regulatory oversight, profound transparency and successful international strategy. Look into the future, as in-depth cross-market cooperation would create more opportunities and assist sustainable development, WGC would further enhance the win-win cooperation and push forward the efficient connectivity among the major global gold trading hubs in the days to come.
Ms. Jerry Zhang, CEO of Standard Chartered Bank (China) Limited pointed out during her speech that, as a pioneer in global connectivity for the gold market, SCB embraced the internationalization of China gold market by being the SGEI’s founding international member and the Fixing Member of Shanghai Gold Benchmark Price. SCB would continue to trail the new blaze and inject greater vitality to the growth and innovation of the global financial market with the opportunities presented by concerted efforts from London, New York, and Shanghai.
The panelists also exchanged views on the connectivity in the global gold market, fin-tech as well as the outreaches in the post-pandemic era.
