Day 1 of Gold Futures Trading a Success at Bursa Malaysia
by
Adil Siddiqui
Malaysia's main stock and derivatives bourse has successfully deployed its new precious metals contract. Modest trading started on the Bursa with over 900 lots executed on the first day.
Choppy gold prices over the last four years have triggered interest among investors seeking trading opportunities in the yellow metal. Malaysia’s Bursa Malaysia, the main equities and derivatives trading venue has finally launched its benchmark Gold Futures contract on the 7th of October.
The exchange saw traders transact in $3.7 million worth of value with over 900 lots traded. The bourse has set its contract size to 100 grams, thus first day volume reached 90.2kg.
Malaysia has been a slow entrant to major commodities trading, as the country, one of the largest players in palm oil futures, has been sitting on the sidelines and reviewing the opportunities in other commodity contracts.
Bursa Malaysia Derivatives Bhd, CEO, Chong Kim Seng said in a briefing: “We need to become fully-fledged (exchange operator) and diversified. We are aware of the need for more margin hedging instruments.” The exchange first announced its intention to launch the futures contract in July.
Surge in eFX-trading
Malaysian investors have been attracted to the retail FX market from 2007 onwards. During this period, a surge in trading activity in Malaysia resulted in hundreds of introducer brokers setting up shop (with overseas brokers) and promoting FX as an alternative investment product. Several investors were lured into the belief of quick and easy money, and one broker who had established a local office, informed Forex Magnates in a telephone interview that they had an estimated 100,000 clients from the Southeast Asian country alone.
Malaysia's central bank, Bank Negara, the main body that regulates foreign exchange, responded to the spike in activity and issued notifications to users about the legal status of spot FX trading, stating that it's illegal.
Opportunities
The new gold contract is a positive step in Kuala Lumpar's aim to become a financial hub and compete with neighbouring Singapore. Furthermore, with mini contracts available, both retail and institutional investors can reap the benefits from a speculative and hedging trading approach.
In addition, with the ringgit still under strict capital controls, arbitrage traders could create new Liquidity in dollar ringgit, as they trade Comex gold with Bursa Malaysia's gold and look to hedge their dollar exposure. Forex Magnates expects the exchange to launch domestic currency futures on the back of strong volumes in metals trading.
Choppy gold prices over the last four years have triggered interest among investors seeking trading opportunities in the yellow metal. Malaysia’s Bursa Malaysia, the main equities and derivatives trading venue has finally launched its benchmark Gold Futures contract on the 7th of October.
The exchange saw traders transact in $3.7 million worth of value with over 900 lots traded. The bourse has set its contract size to 100 grams, thus first day volume reached 90.2kg.
Malaysia has been a slow entrant to major commodities trading, as the country, one of the largest players in palm oil futures, has been sitting on the sidelines and reviewing the opportunities in other commodity contracts.
Bursa Malaysia Derivatives Bhd, CEO, Chong Kim Seng said in a briefing: “We need to become fully-fledged (exchange operator) and diversified. We are aware of the need for more margin hedging instruments.” The exchange first announced its intention to launch the futures contract in July.
Surge in eFX-trading
Malaysian investors have been attracted to the retail FX market from 2007 onwards. During this period, a surge in trading activity in Malaysia resulted in hundreds of introducer brokers setting up shop (with overseas brokers) and promoting FX as an alternative investment product. Several investors were lured into the belief of quick and easy money, and one broker who had established a local office, informed Forex Magnates in a telephone interview that they had an estimated 100,000 clients from the Southeast Asian country alone.
Malaysia's central bank, Bank Negara, the main body that regulates foreign exchange, responded to the spike in activity and issued notifications to users about the legal status of spot FX trading, stating that it's illegal.
Opportunities
The new gold contract is a positive step in Kuala Lumpar's aim to become a financial hub and compete with neighbouring Singapore. Furthermore, with mini contracts available, both retail and institutional investors can reap the benefits from a speculative and hedging trading approach.
In addition, with the ringgit still under strict capital controls, arbitrage traders could create new Liquidity in dollar ringgit, as they trade Comex gold with Bursa Malaysia's gold and look to hedge their dollar exposure. Forex Magnates expects the exchange to launch domestic currency futures on the back of strong volumes in metals trading.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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