die an der sge gehandelten cme kontrakte sind mitunter cash settlement. ebenso z.b. die forward futures.
die unten genannten physisches contracs - sind aber derartiges - physiches settlement only.
cme sge contracs
https://www.cmegroup.com/tradi…s/china-gold-futures.html
GOLD FUTURES DELIVERY RULES OF THE SHANGHAI
FUTURES EXCHANGE
http://www.shfe.com.cn/upload/20200819/1597808295678.pdf
Going for gold – an introduction to the Shanghai
International Gold Exchange
Introduction
China is the world’s top consumer, producer and importer of gold. Yet, the price of gold and other precious metals continues
to be determined by the precious metals markets in London and elsewhere.
China’s first attempt at creating an international price for a commodity arose through its establishment of the Shanghai
International Gold Exchange (SGEI) in September 2014, long before its recent attempts to establish an international price for
crude oil and iron ore in Chinese yuan (RMB). It is worth noting that while China recognises the dual nature of gold as being
both a commodity and a financial product, gold is treated more as a ‘financial product’ than a ‘commodity’.
The SGEI is registered in the China (Shanghai) Pilot Free Trade Zone (Shanghai FTZ) and is a wholly owned subsidiary of
the Shanghai Gold Exchange (SGE). The SGE was itself established in October 2002 by China’s central bank, the People’s
Bank of China (PBOC). The SGEI enables foreign institutions and individuals to access China’s gold market, using free trade
accounts (FT Accounts) located in the Shanghai FTZ (i.e., the FT Account system) and the preferential policies applicable to
the Shanghai FTZ.
Today, the SGE is the world’s largest exchange for physical gold by trading volume, and is supported by the gold futures
market of the Shanghai Futures Exchange (SHFE) and the over-the-counter (OTC) gold market. Gold trading volumes on the
SGE in 2017 reached approximately 54,300 tonnes, amounting to RMB 14.98 trillion, and this grew more than 24% to
approximately 67,500 tonnes, amounting to RMB 18.30 trillion in 2018.
-
Centralised Exchange Traded Products
Type Features
Physical contracts
Full funds and bullion must be available at order
submission
Immediate settlement upon transaction (i.e.,
seller can immediately use funds, and buyer can
immediately sell bullion or apply for withdrawal)
https://www.reedsmith.com/-/me…ational-gold-exchange.pdf
bg bh