In the future trading activities, the Singapore gold market has increasingly close ties with London gold market, Hong Kong gold market and New York gold market, which has greatly promoted the development of Singapore gold market and further internationalized it. 1983, the Singapore government further reorganized the gold exchange, increased trading contents, provided financial futures services, and further integrated with other international exchanges. Since then, Singapore's gold market has entered a new stage of development.
The full name of Singapore Gold Exchange is Singapore Gold Exchange Private Limited. The main purpose of the government to establish such an exchange is to establish and operate a gold exchange in Singapore. In the actual operation process, it is also responsible for continuous exploration, absorption and innovation, and timely formulation and revision of relevant rules and operating procedures for gold trading.
1In February, 983, the Singapore Gold Exchange Limited decided to transform the exchange into a listed joint-stock company according to the new articles of association adopted, so as to accommodate more members. The original registered capital of Singapore Gold Exchange was S $500,000. After the articles of association were revised to S $ 1983, the registered capital increased to S $2 million. The board of directors is responsible for planning, deciding and implementing the administrative plan and daily business of the Exchange. The board of directors consists of six directors elected by the annual general meeting of shareholders. The term of office is one year, and the positions of chairman and vice-chairman shall not be re-elected.
The shareholders of the exchange are its full members. In the early days of the establishment of the Exchange, the members were divided into trading members and economic members, and the members were *** 10. The gold exchange started on April 25th, 198 1. According to the new articles of association, it cancels the original classification of trading members and economic members, and stipulates that all full members have the right to use their own funds to conduct appropriate transactions and enjoy the following rights:
You can designate floor traders to trade on the exchange;
Allow to keep a proper amount of short selling;
You can charge trading commission and other fees.
Each full member must subscribe for 20,000 shares of the Exchange with a face value of 1 yuan, submit a bank guarantee of 250,000 yuan and pay the annual membership fee. If the member is a company, each member must pay at least 6.5438+0 million yuan. The Singapore Gold Exchange may have the right to accept associate members, also known as affiliated members. Since these associate members are not shareholders, they have no right to keep the general meeting of shareholders of the Committee, have no shares in the exchange and have no voting rights. Associate members are divided into local members and overseas associate members. Associate members are required to pay annual losses in accordance with regulations, at least 6,543,800 yuan. Associate members are not allowed to trade on the exchange through full members, but they can enjoy a 50% commission discount. It should be pointed out that overseas associate members are not allowed to directly participate in transactions conducted by Singapore residents. 198 1 to 65438+February, measures were taken to encourage associate members to trade, that is, local associate members were allowed to send personnel to trade on the exchange under the condition of contacting full members in advance.
The gold handled by Singapore Gold Exchange includes spot and six futures contracts. At the beginning of the establishment of the exchange, only 100 ounce was used as the only basic unit. Since June 1980 and 16, gold bars in kilograms have been added. Futures contracts are six kinds of futures transactions that are delivered after 1, 2, 4, 6, 8 and 10 months respectively. The currency unit of price, settlement and commission in the transaction is USD. The quotation of gold price is based on the dollar price of 100% pure gold per ounce, with the lowest quotation unit of 10 cents per ounce and the highest quotation not exceeding the previously settled 10 dollar. Gold futures have their own trading price every month, and their price fluctuation range is also affected by the daily limit of $24. Every time a transaction stops, the time is 1 hour, and then the transaction resumes. Spot and instant futures that have entered the delivery month are not subject to suspension restrictions.
Transactions made on the Singapore Gold Exchange are limited to delivery in Singapore. Gold certificate is the only delivery tool approved by the Gold Exchange (Singapore). Its format needs to be pre-approved by the Exchange and the Settlement Income Department, and it must be issued by the following designated banks to be valid. These banks include: uob, OCBC Bank, Singapore Development Bank, Hualian Bank, Nova? Scotiabank Singapore Branch. Each certificate is valid for one year. There are two kinds of gold coupons, one is a gold coupon with a face value of 1 kg, and the convertible deposit of 1 kg is 52. 148 ounces; The other coupon is a gold coupon with a denomination of 100 ounces, which can be exchanged for at least three gold bars with a denomination of 1 kg. Moreover, the gold bar exchange should attract the seals of the foundries and inspectors that the exchanges and clearing houses naturally recognize as qualified.