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StanChart launches online gold trading

Dubai, December 23, 2007

Standard Chartered Bank has launched online gold trading through On Line Treasury (OLT) in the UAE.

Corporate, SME and institutional clients of Standard Chartered Bank in the UAE are now able to trade physical Gold accounts through On Line Treasury (OLT), Standard Chartered’s comprehensive Request for Quote FX service which is integrated into Straight2Bank.
 
Straight2Bank is an industry leading and award winning one-stop electronic banking channel. This fully integrated, end-to-end web-based platform provides cash, trade, foreign exchange and securities services via a single sign-on access, providing clients with streamlined, straight through processing of transactions that result in significant operating efficiencies and cost savings.
 
OLT delivers fast, automated FX prices from Standard Chartered straight to clients’ desktops, providing a direct link to the bank's trading floors, delivering competitive and consistent pricing and execution. This service leverages Standard Chartered’s comprehensive coverage of global FX markets supporting Spot, Forward and Swap pricing in over 100 currency pairs 24 hours a day; whilst a Shariah-compliant version of OLT allows clients to trade Islamic forwards and swaps.
 
Gold trading via OLT is linked to Gold accounts held at the bank’s Gold Souk branch in Dubai. Tom Roche, Global Head of eCommerce and Retail Products Group, commented: “Standard Chartered is a pioneer and innovator of financial markets solutions across Asia, Africa and the Middle East, with a continued commitment to enhance our eCommerce capabilities to address client needs. In order to meet the increasing demand for Gold trading in the Middle East, we are now pleased to offer online gold trading over physical accounts whilst allowing clients to trade on a 24/6, regardless of branch operating hours”.

In addition to this electronic service, Standard Chartered will offer gold overdrafts, loans and transfers, and hedging tools such as gold options through its branch network in the UAE.
 
Standard Chartered plans to launch electronic trading for other precious metals in the near future, including silver, platinum and palladium.—TradeArabia News Service 




Tags: Standard Chartered Bank | Gold Trading | Straight2Bank |

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