Intercontinental Exchange’s (ICE) gold kilobar futures will launch on November 17 this year, it confirmed – it initially planned to roll out the contract in March.
Alongside the gold contract, it will introduce a mini ICE Brent Crude futures contract, mini Gasoil futures and Chinese offshore and onshore Renminbi futures, subject to final approval by the Monetary Authority of Singapore (MAS).
The delay to the launch was due to Zhengzhou Commodity Exchange threatening legal action as well as customers not finishing regulatory paperwork in time, the Financial Times reported earlier this year.
The Chinese exchange was reportedly angered by the similarity of the white sugar and cotton contracts that the exchange had also planned to introduce.
The gold futures contract, which will be physically settled with delivery in Singapore, complements the exchange’s mini gold contract. It will service the region’s demand for four nine (99.99 percent) purity gold kilobars, denominated in the dollar.
ICE bought the Singapore Mercantile Exchange for $150 million in November 2013.
(Editing by Mark Shaw)
The post ICE sets launch date for delayed Singapore gold contract appeared first on The Bullion Desk.
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