Hong Kong Mercantile Exchange wins SFC approval

Gold futures are set to start trading in Hong Kong next month after a two-year delay.

Hong Kong Mercantile Exchange wins SFC approval
Barry Cheung, HKMEx chairman

More than two years after it was first promised, the Hong Kong Mercantile Exchange HKMEx is finally set to start trading after winning authorisation from the SFC yesterday. The first gold futures contracts will change hands on May 18, 2011.

The authorisation gives HKMEx approval to set up as an automated trading services provider through 16 broker members. We are very excited about this historic day, said Barry Cheung, the exchange's chairman, in a prepared statement....

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