HK Commodity Bourse Starts Operations

The Hong Kong Mercantile Exchange has commenced trading U.S. dollar-denominated gold futures on its electronic platform.

The Hong Kong Mercantile Exchange (HKMEx) has commenced trading U.S. dollar-denominated gold futures on its electronic platform, The Wall Street Journal reports. The commodity bourse is currently offering one-kilogram gold futures contract priced in U.S. dollars with physical delivery in Hong Kong. The exchange, which was originally slated to start trading by the end of 2009, has begun trading with at least 16 members, including financial institutions, futures commission merchants as well as several brokerages in Hong Kong. Shareholders in the exchange include EN+ Group, a mining and energy group controlled by Russian tycoon Oleg Deripaska, and Industrial & Commercial Bank of China.

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