Scope Prime launches eight new non-USD precious metals crosses: XAU/AUD, XAU/EUR, XAU/GBP, XAU/CNH, XAU/JPY, XAG/AUD, XAG/EUR, XAG/JPY.
The liquidity provider will be present at the Hong Kong Traders Fair on December 14, where it will present these new instruments.
“A resurgence in demand for bullion exposure”
Scope Prime is once again meeting the evolving needs of its institutional partners as demand for gold continues to rise amid geopolitical uncertainty.
With spot gold now priced against the Australian Dollar, Euro, Japanese Yen, British Pound and Chinese Yuan, as well as the traditional US Dollar price, Scope Prime believes that the latest release of This instrument reflects both a resurgence in demand for bullion exposure, as well as the growing number of accounts operating in currencies other than the US dollar.
Additionally, silver will see the prices of the Australian dollar, euro and Japanese yen rise above the typical US dollar quote, said the brokerage operating through RS Global Ltd, an authorized and regulated company. by the Financial Services Commission of Belize (“FSC”) under the Securities Industry Act 2021 under registration number 000274/19.
“A growing number of assets not denominated in US dollars”
Daniel Lawrance, CEO of Scope Prime, commented: “While an institutional counterparty has always had the ability to structure transactions in this way, the feedback from many counterparties was clear. They preferred to work with a single base currency for their transactions, as it allowed them to have better visibility when it came to risk management. We also know that bullion is frequently used as a hedging tool, so this latest innovation is an extension of the growth of our underlying tradable universe which now includes a growing number of non-USD assets. »
Daniel Lawrance added: “As a business, we know the importance of evolving our offering to meet the needs of our counterparties. Our own growth means more institutions and sophisticated brokers are choosing to source their liquidity from Scope Prime, which comes with calls for a more flexible product set. We are delighted to once again meet these needs by launching these new precious metal crosses. »
