INTL FCStone sees more growth in precious metals after Q3 record volume
18/10/2019 11:24
By Mai Nguyen
SINGAPORE, Oct 18 (Reuters) - INTL FCStone, a top global
bullion broker, expects further growth on its trading platform
after reporting a 50% jump in precious metals trading volumes in
the year ended Sept. 30, the Asia head of precious metals at the
firm said.
Gold and silver trading volumes on its PM Xecute (PMX)
electronic platform surpassed $30 billion in the last quarter
alone, said Martin Huxley, Asia head of precious metals at INTL
INTL.O .
"Favourable market conditions in the quarter ended 30
September saw explosive growth in (precious metals) trading
activity. Assuming conditions remain favourable, we would expect
volumes to continue to grow."
Benchmark gold prices XAU= scaled six-year highs during
the last quarter, and record highs in Australian dollars and
Indian rupees, and continue to be propped up by easing interest
rates due to slowing growth in major economies and higher global
geopolitical risks.
The company also expects to benefit from the customers and
licences it acquired through its recent purchase of the UOB
Bullion and Futures unit of Singapore-based United Overseas Bank
Limited UOBH.SI .
That deal, which nearly doubled the firm's staff in
Singapore to 110 from 60 upon closure in early October, also
equips INTL with the licences needed to offer clients "a
one-stop shop for access to global financial markets," according
to Greg Kallinikos, Deputy CEO, Asia for INTL.
(Reporting Gavin Maguire and Mai Nguyen; editing by David
Evans)
((mai.nguyen@thomsonreuters.com; +6568703518; Reuters
Messaging: mai.nguyen.thomsonreuters.com@reuters.net))