Seoul, South Korea -- (ReleaseWire) -- 04/16/2014 -- SKOFX today announced the launch of a new physically delivered Gold (1,000 oz.) futures contract, scheduled to begin trading in 2013. This contract will be listed with, and subject to, the rules and regulations of SKOFX
"We're introducing our new 1,000-oz. Gold futures contract in response to demand from our customers, who are increasingly looking for cost-effective ways to manage risk," said Jack M. Tang, SKOFX Managing Director Commodity Trading Division. "The smaller size will provide market participants with greater flexibility to manage their Gold price risk, and serve as a more cost-effective tool for individual investors or others looking to hedge against economic uncertainty. This is the first contract of its size that will be fully fungible and deliverable against our existing benchmark Gold futures contract."
At one-tenth the size of the existing 10,000-oz. Gold futures contract, this new contract will be conveniently sized for SKOFX’s market participants seeking to trade physical Gold in smaller increments. It will be fully fungible with the full-sized Gold futures contract, which means that SKOFX’s customers who accumulate five warehouse depository receipts of the 1,000-oz. contract can convert them into one 10,000-oz. Gold futures contract.
The addition of a deliverable, 1,000-oz. Gold futures contract to the exchange's deep and liquid benchmark precious metals products is expected to provide new trading opportunities for market participants around the globe.
This contract will be available on the SKOFX electronic trading platform, for over-the-counter (OTC) clearing through SKOFX Clearing and open outcry on the trading floor in Hong Kong.
About South Korea Options and Futures Exchange
South Korea Options and Futures Exchange (SKOFX) is one of the world’s leading futures and options trading venues, with markets based in the Asia, US and Europe offering derivatives on commodities, FX, equities, bonds, interest rates, indices and swaps. Its commercial technology division, SKOFX Technologies provides best-in-class transaction, data, and infrastructure management services and solutions. SKOFX has tremendous experience in helping improve the way markets perform, enterprises do business and economies grow. So we’re big enough for your ideas to have an impact in the marketplace, yet small enough for you and your work to be known.
SKOFX has been established in 2007 thru the merger of the Korean Grain and Rice Exchange and the Busan Metals Exchange.
Starting with February 2014 – SKOFX has lunched the new website, www.skofx.org. The new website is hosting the upgraded trading engine/platform, which is posed to make trading easier for all SKOFX clients thru new tools and technologies.
Asian Trade Center
74-1 Euljiro 2(o)-ga