The Shanghai Gold Exchange (SGE), the world’s largest physical gold exchange, is set to launch its GEMS-2 trading system on May 2nd, 2017, a measure that it said will benefit both China’s domestic gold market and the global precious metals market.
SGE said in a circular that the launch of the platform will introduce the concept of ‘seat’ as the principle business unit of each member. As such, the concept of former propriety accounts and brokerage accounts will be converted to propriety seat and brokerage seat. This is in addition to splitting the former trader and brokerage codes to represent its propriety seat.
Aimed at finding the market-wide price in the world’s number one gold mining and importing nation, SGE has added 3 new market orders on the basis of the former limit order: five best prices fill-or-kill orders (five best prices FOK orders), five best prices fill-and-kill orders (five best prices FAK order) and five best prices immediate-to-limit orders.
In terms of opening hours, the exchange said that trading hours for the online price asking trades for trading parties who trade through the SGE designated price asking platforms are 9:00-11:30 and 13:30-15:30. When trading parties complete an offline price asking trade, such parties shall submit a registration to SGE. Registration hours are 9:00-17:00, subject to the specifications of the price asking system.