The team behind Bullion Capital is set to launch a new institutional offering later this year, Finance Magnates has revealed. The Allocated Bullion Exchange or ABX is set to be the world’s first institutional electronic precious metals exchange, and a diversified international bullion market facilitator.
The new project is due to be officially launched in early autumn and comes as a result of the success of Bullion Capital, which has so far acted as the pre-launch test platform for the ABX.
Incorporating specialized full trade cycle solutions, ABX will provide global bullion market technology and infrastructure that facilitates efficiency, security and cost effectiveness based on the physical bullion trading platform, MetalDesk.
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The firm says ABX’s offering aims to harmonize the precious metal markets by connecting all major liquidity centers and breaking down barriers of entry to the global wholesale market. This is meant to strip away the traditional challenges of international bullion trade, delivering accessibility and liquidity to market participants.
Thomas Coughlin, CEO of ABX, commented to Finance Magnates today: “Over the past few years I have made no secret of the fact that the physical precious metals market is in need of modernization and globalization, and I am very excited that our upcoming project will be a game-changer in terms of the way physical precious metals are bought and sold on a global basis, with revolutionary services for the entire range of market participants. We look forward to sharing more information on this in early autumn.”
Earlier this year, we reported that in a span of a few months Bullion Capital on-boarded over 50 members to its exchange, with many of the participants being online forex, CFD and equity brokers. The firm shared with Forex Magnates’ reporters that it had received applications for the on-boarding process from some of the largest firms in the online brokerage space.