ANZ gets gold licence to deal
(25 June 2008 – China) ANZ has been granted a licence for spot trading in gold on the Shanghai Gold Exchange.
The announcement means that ANZ is one of only four foreign banks to have the ability to trade in spot gold on the Shanghai Gold Exchange.
Only four banks actually applied for membership and all were granted licences. ANZ has indicated that only five foreign licences will be given at this stage.
An official from the exchange has confirmed that ANZ’s membership was approved along with the three other international banks.
The exchange had earlier approved the membership of the Bank of Nova Scotia, Standard Chartered Bank and HSBC.
The announcement puts ANZ in good stead in its Asian expansion. The move puts the bank in with the big foreign banks in Asia, with Standard Chartered and HSBC in particular dominating Asian banking.
The Shanghai Gold Exchange was created in 2001 by China's central bank. It has been designated to trade in spot gold, platinum and silver, as well as spot-deferred gold.
Only four banks actually applied for membership and all were granted licences. ANZ has indicated that only five foreign licences will be given at this stage.
An official from the exchange has confirmed that ANZ’s membership was approved along with the three other international banks.
The exchange had earlier approved the membership of the Bank of Nova Scotia, Standard Chartered Bank and HSBC.
The announcement puts ANZ in good stead in its Asian expansion. The move puts the bank in with the big foreign banks in Asia, with Standard Chartered and HSBC in particular dominating Asian banking.
The Shanghai Gold Exchange was created in 2001 by China's central bank. It has been designated to trade in spot gold, platinum and silver, as well as spot-deferred gold.
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