The GRETAI Securities Market (GTSM) is scheduled to launch spot gold trading on Jan. 5 in a bid to provide local investors with more financial investment instruments.
Ahead of the inauguration of the new trading platform, the GTSM has issued permits to Bank of Taiwan (台灣銀行) and First Commercial Bank (第一銀行) to serve as the two market makers for trading of 999.9 “pure” gold.
The two banks are to provide gold trading and custody services for investors, the GTSM said.
The decision to choose the two banks was made based on their gold reserves and abilities to raise holdings overseas.
Bank of Taiwan is the largest lender in Taiwan, and First Bank is the flagship banking arm of First Financial Holding Co (第一金控). The two market makers own no less than 2,000 Taiwan tael (75kg) of gold reserves, the exchange said.
Starting from Jan. 5, the two banks are set to start reporting gold quotes on the new GTSM platform, where investors who accept offers submitted by the banks can trade gold. Trading will run from 9am to 3pm every business day.
The exchange said that the trading platform would disclose up-to-the minute information on spot gold trading on a special page of its Web site. The minimum trading amount will be 1 Taiwan tael of gold and the amount of each deal should be rounded up in Taiwan tael.
Equity investors can use their stock trading accounts to trade gold on the new platform as long as they sign the spot gold trading risk document provided by the exchange, the GTSM said.
This should provide greater convenience to equity investors and help them broaden their investment portfolios, the GTSM said.
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