Singapore Mercantile Exchange (SMX), which is backed by Financial Technologies (India), today said it would launch gold and silver contracts based on Indian prices for the global market next month. SMX e-gold would offer a convenient trading unit of one kg to be traded based on gold future prices in India but quoted in dollars, SMX said, adding it would be launched on May 8. SMX e-silver would trade in 30-kg lot, based on silver future prices in India but quoted in dollars, said SMX.
“Both contracts are similar to those traded on the Multi Commodity Exchange of India (MCX), the sister exchange of SMX,” said SMX chief executive officer, V Hariharan. “We are introducing the same contracts from our sister exchange in India to the global market in dollars,” he said. He added SMX would consider launching MCX’s other successful contracts for the global market as part of expansion plans. Participants in the SMX e-gold and e-silver would be able to use and benefit from pricing in the most liquid gold and silver futures contracts in Asia, said SMX.
