The Hong Kong Mercantile Exchange (HKMEx) has secured approval from the Securities and Futures Commission to operate as an automated trading services provider, FinanceAsia reports. The bourse will commence trading with at least 16 members form May 18.
The first product to trade on the bourse will be a one kilogram gold futures contract offered in U.S. dollars with physical delivery in Hong Kong. All the transactions on HKMEx will be cleared through London-based LCH.Clearnet.
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