Brisbane, Australia (November 01, 2017) – Allocated Bullion Exchange (ABX) and Finemetal Asia Ltd. (FMA) are pleased to announce the expansion of the on-market precious metals buyback currently underway in Hong Kong and Zurich, to the Singapore metals trading hub.
Under this on-market buyback agreement, FMA commits to purchase any precious metals offered on the ABX in the Hong Kong, Zurich, and now Singapore trading hubs, at competitive pricing with no limit regarding metal type and lot sizes. This agreement will benefit all ABX Members by providing substantial liquidity for all precious metals held in those locations. Furthermore, FMA will increase its supply to the ABX Singapore trading hub with increased liquidity from newly established inventory. This supply is in addition to the already established stock in the ABX Hong Kong and Zurich trading hubs.
This expansion builds on the long and valued supply relationship between FMA and ABX, which has seen significant precious metals transaction volumes on the ABX platform, supplied by FMA. FMA strongly believes in the value proposition that ABX offers its members and the precious metals trading community. FMA is delighted to strengthen its support for this innovative precious metals trading platform provider.
Commenting on this expansion, Pádraig J Seif, CEO of FMA, said: “From day one, the collaboration between FMA and ABX has been a natural fit. ABX offers us a distribution platform we otherwise would not have, and FMA offers the ABX guaranteed liquidity of Argor-Heraeus precious metals products in Hong Kong and Zurich. We now want to grow together with the ABX in the Singapore precious metals trading hub by offering liquidity from our stock there. We also want to increase our value proposition by entering the buy-back market and offering, through the ABX, a very competitive and fast buy-back solution in the locations Hong Kong, Singapore and Zurich.”
ABX CEO, Thomas Coughlin, added: “We are delighted to be further expanding our liquidity and value proposition to all ABX market participants through our collaboration with our highly valued partner and member, FMA. ABX is continuing to build out its market in more ways than one and having such a strong global industry participant providing full support is a milestone in our development. We look forward to welcoming more members and their customers into our marketplace in the future and providing them with our uniquely efficient and cost effective electronic trading solution. Further updates will be forthcoming on our development in the imminent future.”
Allocated Bullion Exchange is the world’s leading electronic institutional exchange for spot allocated physical precious metals, across seven global trading hubs (New York, London, Zurich, Dubai, Hong Kong, Singapore and Sydney). The ABX brings global trading, price discovery and centralized clearing facilities onto one standardised and secure online trading environment via our groundbreaking institutional exchange trading platform, MetalDesk.
For more information, contact ABX’s Press Contact: Richard Melbourne, Head of Member Services at email@example.com.
Finemetal Asia Limited is one of the region’s leading institutional-facing liquidity providers and trades exclusively in physical gold, silver, platinum and palladium. An established name in the Asian market, Finemetal Asia has a special agreement for distribution of precious metals products of renowned gold fabricator Argor-Heraeus.
For more information, contact FMA’s Press Contact: Anya Zahner at firstname.lastname@example.org.