The exchange provides places and facilities for investors, and formulates laws and regulations to ensure that both parties to the transaction conduct transactions on the premise of fairness and reasonableness. The exchange itself does not participate in futures trading.
The exchange has a very detailed description of the weight, fineness, shape, upper and lower limits of price fluctuation, trading date and trading time of gold traded in spot and futures.
London Gold: London is the oldest gold trading center and the largest gold market in the world.
Its characteristic is that there is no fixed exchange, that is, there is no actual trading place.
In other words, the transaction lacks supervision.
The whole market is composed of the interconnection of major gold merchants and subordinate companies. The price of gold index is determined by LBMA through bidding. Big banks and brokers electronically input their own trading orders, then match sellers and sellers through algorithms, and then set prices.
Extended data:
What's the difference between London gold and New York gold?
1, different trading time limits
Futures refer to contracts with delivery deadlines.
Futures gold: Monday to Friday, from 9: 00 am to 165438+ 0: 30 pm to 65438+ 0: 30 pm to 3: 00 pm.
But the spot gold is usually unlimited, from 7 am on Monday to 4 am on Saturday.
London gold trading is a 24-hour trading, t+0 trading. The settlement time is from 04: 00 to 06: 00 every day.
Trading software cannot be traded, and it can be traded at other times.
2. Different varieties
London gold trading is a spot contract trading mode, which is a bit poor and will generate overnight interest.
New york gold is the trading mode of futures contracts. Five o'clock, there will be no overnight interest.
3. The difference between market makers and exchanges
Gold futures trading usually needs centralized matchmaking of futures exchanges. The exchange announced that only members can trade, and ordinary customers can only trade through trading agent, a member.
At present, gold futures in the world are mainly in the United States and Japan, and their gold futures are centrally matched in commodity futures exchanges.
In terms of trading volume and market size, the London Gold Exchange is the largest international gold market. There is no centralized exchange for centralized matchmaking transactions. The network of gold market makers, which consists of five major gold market makers, internationally renowned banks and a large number of gold merchants at the next level, provides a mode of delayed delivery of spot gold.
4. Event code
The gold futures trading code is GLNC, while the spot gold trading code is XAUUSD.
5. Price fluctuation
The lowest fluctuation of gold price in London is 0.0 1 USD/oz, and that in new york is 0.01USD/oz.