Following the recent soft-launch of the world’s first global institutional electronic exchange for allocated physical precious metals, Allocated Bullion Exchange (ABX) today welcomed Hong Kong based physical precious metals trading house, Finemetal Asia, as a member. The strategic partnership will extend the liquidity provision for members of the ABX and enhance relevant real-time price discovery.
Since its establishment, the ABX has redefined the way physical bullion is traded globally and provides participants with an online environment featuring real-time price discovery, price transparency, institutional liquidity and a point-click-trade electronic process for allocated physical bullion.
Its latest member, Finemetal Asia, is one of the region’s leading institutional-facing liquidity providers and trades exclusively in physical gold, silver, platinum and palladium. The company will be providing liquidity on the ABX for a range of physical precious metals contracts.
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Strategic partnership designed to boost liquidity provision
Commenting on the announcement, Tom Coughlin, CEO of ABX, said: “What the ABX is setting out to do is to modernize, globalize and integrate the precious metals market. Liquidity is the cornerstone of our offering and the addition of Finemetal Asia to the ABX, alongside other key members, continues to improve the pricing and liquidity of the physical bullion contracts on the ABX.”
Finemetal Asia was one of the first members to join the exchange and has an established reputation as a regional leader. Pádraig J Seif, CEO of Finemetal Asia Ltd, said: “Our deal with the ABX comes as the result of a successful test period as a liquidity provider for the ABX Trading Hubs of Hong Kong, Singapore, Switzerland and Australia, during which we saw a substantial increase in turnover”.
As a membership-based institutional exchange, ABX offers a modern and revolutionary solution to the precious metals industry, breaking down the barriers to entry into the global wholesale physical bullion market. The partnership is seen as an opportunity for both parties to expand throughout the Asia-Pacific region.