The Chinese Gold & Silver Exchange plans to establish a 24-hour electronic trading platform and complete the transformation of the registered society into a jointly owned enterprise paving the way for a listing on the Hong Kong stock exchange.
"I hope to launch the 24-hour electronic trading platform as soon as possible so that we can pull back the transactions which are now taking place outside the exchange," said Lee Tak- lun, after being named the newly elected president of the bullion exchange.
Lee said directors are now looking for strategic partners with a background in gold trading, or even with expertise in electronic trading.
The group needs to forge solid partnerships to push forward plans including the introduction of an around- the-clock electronic trading platform and the launching of a gold transactions registry.
It is also aiming at the strengthening of relationships with the People's Bank of China as well as the Shanghai gold exchange, Lee said.
The exchange also proposes to launch a real gold delivery system to boost turnover, he added.
Explaining the low turnover of the bullion exchange, Lee said that since transactions are in Hong Kong dollars, trading is largely local.
As for the proposed gold depository, which is expected to be located at Hong Kong International Airport, the exchange will cooperate with the government to bring it to fruition smoothly, Lee said. - source