Clearing & Settlement

Central Counterparty

ABX operates as the Central Counterparty (CCP) to all trades, delivering financial and operational efficiencies to market participants.

Settlement of Trades

Trade settlement and the corresponding transfer of bullion title occurs immediately upon trade execution, with remittance of any outstanding funds required at t+1. Purchased bullion can be sold on the exchange immediately, while funds must be settled in full before bullion can be withdrawn. No client funds are received directly by the ABX. Client funds are transferred to their Member, with the Full Member settling the trade with the ABX. Any outbound payment of funds is also made from the Member to a client.

Membership

Prior to Membership being approved an applicant is screened for financial health and is required to undergo a credit check, operational due diligence and make an initial guarantee fund deposit with the ABX. Members are responsible for all positions that they carry. Fees charged to Members vary by monthly trade volume and by metal stored at the exchange.