The Precious Metals division of London-based subsidiary of INTL FCStone Inc is launching a new physical gold trading platform. The firm, which specializes in delivering financial services in commodities, securities, global payments, foreign exchange and other markets, named the solution PMXecute+.
The new physical gold trading platform will be entirely web-based and will allow clients of the firm to access the entire global inventory via INTL FCStone’s network of trusted supply partners. The platform will be operating 24 hours a day, seven days a week.
Request for Quote and Shipping
Clients who need a tailored offer based on their location and volume of purchase will have the ability to use the platform’s Request For Quote function. The RFQ will notify all suppliers around the world so they can create firm or indicative offers.
PMXecute+ also allows for the addition of shipping if the customer requires it.
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The use of the platform is enabled by INTL as principal to all transactions executed via PMXecute+. The counterparts in a transaction do not need to exchange on-boarding documentation between each other. All the know-your-customer (KYC) and on-boarding required is handled by INTL.
Commenting on the news, the Global Head of Precious Metals of INTL FCStone, Barry Canham, said: ”We developed PMXecute+ to become the physical platform of choice for the global bullion market. We are simply automating our interaction with our customers — improving market access and efficiency — through one platform, one unparalleled network and one trusted partner.”
Electronic Physical Gold Trading
The solution comes at a time when the gold market is significantly buoyed, as investors are worried that the Federal Reserve will be too slow to raise interest rates. Gold has been one of the best performing assets since the start of the year, rising 9 percent since the 3rd of January 2017.
Australian company Bullion Capital launched the Allocated Bullion Exchange roughly at the same time last year, connecting physical gold investors worldwide via its trading platform Metaldesk. The solution has gathered popularity, especially across Asia, which is one of the most vibrant markets for physical gold.