Bangkok--25 Feb--SET
Thailand Futures Exchange PCL (TFEX) authorized four gold-related agents to trade gold futures, beginning March 2. Also, as the recent volatility in gold prices encourages investing in its futures, TFEX expects to introduce more such agents in mid-year.
“Four gold shops passed the requirements of TFEX, Thai Clearing House Co., Ltd.; and the Securities and Exchange Commission (SEC) to be gold-related agents for investors. Their experience and expertise in the gold business will expand our investor base and develop the gold futures market,” said TFEX Managing Director Kesara Manchusree.
The new gold-related agents are Hua Seng Heng Gold Futures (HGF), MTS Gold Futures (MTSGF), TC Ausiris Futures (TCAF), and YLG Bullion & Futures (YLG).
“In addition, GT Wealth Management (GTW), a joint-venture in the Gold Traders Association, is applying to be a gold-related agent and expects to operate in mid-2009.
Retail gold shops seeking to become selling agents for gold futures should start operations at the end of March.
Investors paid great attention to gold futures over the past week (February 16-20) as the average trading volume reached 342 contracts per day, worth THB 272 million, much higher than the average of 85 contracts per day during TFEX’s first week of trading (February 2-6, 2009). The main reason behind the rise in prices was the increased demand for possessing gold, due to the uncertain global crisis. Investors and gold shops trade gold futures in order to profit from gold price volatility and manage risk.
Gold shops wanting to receive information about gold futures and being TFEX selling agents should join TFEX Expo on February 28 (Nakon Ratchasima), March 7 (Chiang Mai) or March 21(Haad Yai). For more information, please visit www.tfex.co.th or contact S-E-T Call Center 02 229 2222.
For more information, please contact Public Relations Unit, the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Kanokwan Khemmalai Tel: 0-2229-2048 / Panitee Chatpolarak Tel: 0-2229-2792