from Kenneth Schortgen, The Daily Economist:
In a new report that came out on Thursday, Dec. 21, the Moscow Exchange announced they will be launching their own gold futures market which will be deliverable in physical gold to investors.
Following in the footsteps of the Shanghai Gold Exchange which opened their own physical market in 2016, and gold futures market earlier this year, the two markets are likely to become interconnected, especially in light of China’s ready to be implemented yuan-denominated oil contract that can be converted to gold.
The Moscow Exchange will launch deliverable futures for gold in 2018 in a move to further prop up bullion market liquidity, bourse chief executive Alexander Afanasiev said on Thursday.
These deliverable futures will be denominated in roubles and the weight will be measured in grams, said Igor Marich, who oversees the bourse’s money and derivatives market.
The Moscow Exchange, previously known as Micex-RTS, is developing its infrastructure amid a Kremlin-backed bid to make Moscow one of the world’s leading financial hubs.
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