Thailand Futures Exchange launches gold futures

February 02, 2009

Commodity Online
BANGKOK: Thailand Futures Exchange PCL (TFEX) has officially on Monday launched its latest product-gold futures, with 74 contracts traded. Investors paid great attention, showing good signs for future growth.

Of the contracts traded today, 70 mature this month (GFG09), one in April (GFJ09) and three in June (GFM09) TFEX Managing Director Kesara Manchusree said.

"With today's highly volatile global gold price, trading gold futures is highly appropriate, either to use as a risk management tool or to enjoy the potential profits from that volatility.Thus, gold futures received great interest from investors," she continued.

"In this initial period, investors can trade gold futures through 36 TFEX members. However, next month, we expect that four members experienced in gold trading will provide trading services, while selling agents (gold shops) will work with TFEX brokers. This will give investors more trading channels that are easy to access. The cooperation of these entrepreneurs will help expand
the investor base and support the growth of gold futures trading," said Ms. Kesara.

As of February 2, 2009, TFEX's trading volume totaled 8,164 contracts, comprised of SET50 Index Futures (7,825 contracts), SET50 Index Options (132 contracts), stock futures (133 contracts) and gold futures (74 contracts). Retail investors accounted for 58.31% of total trading volume, followed by institutions at 27.14% and foreign investors at 14.55%.commissions on gold futures will be on a sliding scale.

For one to five contracts per day, the commission will be THB500 per contract; for the sixth through twentieth contract, it will be THB400 per contract and for the twenty-first contract on up, the rate will be THB300 per contract.

TFEX has asked its members to adjust their operating systems so that gold shops will be ready to serve futures investors in late March

Gold prices on Monday were quoted in Thailand in a range from 14,760 baht to 14,990 baht per baht-weight. Each gold contract is for 50 baht-weight of gold, based on the typical 96.5% purity standard used in the local market.

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