ICE Futures Singapore names vault operator, assayer for new Gold contract

Intercontinental Exchange Inc (NYSE:ICE), a multinational network of exchanges and clearing houses, today announced that ICE Futures Singapore has names Brink’s as the approved vault operator for the physically delivered ICE one-kilo Gold futures contract and that Metalor will be providing assayer services.

The ICE One Kilo Gold futures contract, which is set to launch later in 2015, will trade and clear at ICE Futures Singapore and ICE Clear Singapore. The underlying gold bars for physical delivery will be stored at Singapore vaults operated by Brink’s, a global leader in security-related services. Metalor, a global refiner of precious metals, will provide assaying services that will support ICE’s gold bar inspection and certification processes.

layout_set_logoIn support of the ICE Gold futures contract, Brink’s Singapore will provide inventory management and secure vaulting services. Brink’s Singapore operates across three locations, with six secure vaults in Singapore.

MetalorMetalor Singapore is accredited by the London Bullion Markets Association (LBMA) and provides a range of refining services, from evaluation to bullion production, across South East Asia. The company will provide comprehensive assaying services to ICE Futures Singapore for underlying gold bars in the event of any discrepancies.

“Brink’s has been working closely with bullion banks, gold traders and retailers across Asia for many years; and with Singapore developing as a precious metals hub, Brink’s is pleased to leverage its expertise and provide its services in secure vaulting and storage to ICE Futures Singapore,” said Baskaran Narayanan, Country General Manager, Brink’s Singapore.

Mr. Teo Eng Cheong, Chief Executive Officer of International Enterprise (IE) Singapore, the Singapore government’s trade development agency, commented: “IE Singapore aims to develop Singapore as a trading hub for precious metals. Recent developments, such as the exemption of GST on investment precious metals and Metalor setting up a gold refinery in Singapore, have enhanced Singapore’s ecosystem for precious metals trading. The new ICE Singapore Gold futures contract will further strengthen Singapore as an efficient and transparent market for gold trading and presents yet another milestone in our journey towards a gold hub.”

“Singapore has long been an important regional trading hub for commodities. We are therefore pleased to offer a physically delivered gold futures contract with the planned launch of the exchange and clearing house later this year and to confirm the vault storage and assayer services of Brink’s and Metalor, respectively,” said Ang Swee Tian, Chairman, ICE Futures Singapore and ICE Clear Singapore.

The establishment of ICE Futures Singapore and ICE Clear Singapore will support an expanded customer base and the further development of the derivatives markets in Asia with a local exchange and clearing presence.

To view the original announcement by ICE, click here.

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