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Singapore Invites JPM, UBS to Collaborate on Creating Asian Gold Trading Hub
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Singapore has invited major financial institutions, including JPMorgan (JPM.US) and UBS, to participate in its vision to become an Asian gold trading hub, Nikkei Asia reported. The Monetary Authority of Singapore (MAS) stated that these two global banks, together with DBS Bank, United Overseas Bank, the World Gold Council, and other institutions, have been included in a task force. This task force will formulate specific details and priorities for enhancing Singapore's gold ecosystem. According to the announcement, the task force will focus on developing gold-related capital market products to facilitate price discovery and establish liquidity, formulating storage and logistics standards that meet international norms, and establishing a clearing system to support secure over-the-counter settlement of large-scale gold bars and kilogram gold bars. AAStocks Financial News |
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