The Australian Bullion Exchange (ABX) will commence trading on October 4, Reuters reports. The over-the-counter (OTC) spot market for gold, silver and platinum will trade bullion through listed brokers or members. The physical bullion exchange will connect bullion traders from around the globe, such as The Perth Mint Australia, a gold refiner, with fund managers and stock brokers.
Market pricing will be based on real-time international interbank spot bullion markets in nine currencies, removing pricing risk and providing transparency. The ABX will also provide custodial services for investors who do not want to store bullion.
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