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Chicago Mercantile Exchange Makes Deal with Shanghai Exchange


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In case you missed this announcement from earlier this week:

https://www.cmegroup.com/media-room/press-releases/2019/6/20/cme_group_and_shanghaigoldexchangetolaunchnewgoldfuturescontract.html

The CME, which runs the futures and derivatives trading in precious metals in Chicago, has struck a deal with the Shanghai Gold Exchange so that investors and traders can deal in contracts that are priced against the physical gold price in Shanghai. Contracts will be available in USD and CNH. Contracts will be financially settled.

This should make it more difficult for a price differential to exist between the physical price in Shanghai and the paper price in Chicago. On the other hand, it may make it possible for traders to manipulate the Shanghai price, although any smash-downs in the Shanghai price are likely to result in Chinese buyers gobbling up the physical.

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