IKON partners with NASDAQ to offer Spot Gold Futures

The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ), the world’s largest Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term group, in partnership with IKON GLOBAL MARKETS (IKON), a futures commission merchant registered with the U.S. Commodity Futures Trading Commission offering foreign exchange, futures and options on futures to its client base, launched NASDAQ OMX XAU/USD Spot Gold FuturesTM (patent pending) on the NASDAQ Futures Exchange (NFX) on February 8th, 2012.

Product is a cash-settled, exchange listed Gold contract that simulates the OTC spot gold market. It is retailed sized at 10 Troy Oz contracts and set as annual contracts, thus quarterly rolls are not needed compared to some traditional exchanges. It is offered 24 hours via EFPs and cleared by Options Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term Corporation. During launch of the product, Diwakar Jagannath, Chief Executive Officer of IKON, explained the advantages of the product as: "With the significant reforms brought about by the Dodd Frank Act, the structure of the OTC gold market has changed. By combining the components of a futures contract with the integrity of the OTC spot gold market, this is a natural progression of the customer protections and transparencies dictated by that legislation."

We are now able to see very first monthly results announced at Nasdaqtrader newsletter. According to the newsletter: ‘There is currently no other listed gold futures contract which combines a cash-settled rolling spot contract with a swap point feature. It is an innovative product that is gaining momentum in the futures market.

With the product already live in the market volumes have been promising.

SPOT GOLD FUTURES

FEBRUARY 2012 RECAP

> NFX traded 25,995 Spot Gold Futures contracts

> Average Daily Volume was 1,733 contracts

> Open interest stands at 1,917 contracts

> Over 10,000 contracts were traded on 2/29/12

IKON has been working closely with the Chinese regulators to establish an FX ECN.

Forexmangates team wrote a detailed article on FX in China. Available in the current Q1 2012 quarterly report.