Abaxx Confirms Active Trading in Gold Singapore Futures Following Launch
As the only physically-deliverable, U.S. dollar-denominated gold futures contract based in Asia's primary trading center of Singapore, this product provides a regionally relevant tool for price discovery, hedging, and delivery, and offers global access to a contract designed for today's trade flows.
The Abaxx Gold Singapore Futures contract is a USD-denominated, kilobar-sized product aligned with the format preferred by the regional physical bullion trade. Deliverable into approved vaults in Singapore, the contract is purpose-built to serve refiners, industrial consumers, banks, and physical traders seeking to hedge kilobar transactions in Asia's key delivery hub.
The launch comes at a time when gold prices are reaching record highs and demand for regional price transparency is growing.
Abaxx Gold Singapore Futures saw active trading during their first two trading sessions. Eight market makers participated, including firms from Singapore, Hong Kong, London and Thailand, with more market makers and commercial firms expected to connect in the coming weeks.
"KGI Securities Singapore is delighted to be cleared for trading on the Abaxx Gold Singapore Futures contract,' said Ken Ong, CEO of KGI Securities Singapore. 'This new offering directly addresses the growing demand for regional price transparency and a physically-deliverable gold product tailored for the Asian market. We are excited to facilitate access for our clients to this critical new instrument and to further strengthen our commitment to providing comprehensive solutions in the commodities market.'
'We congratulate Abaxx on the launch of their Gold Futures contract,' said Golf Hirunyasiri, CEO, MTS Gold Group. 'MTS Gold is pleased to be the first physical market participant committed to supporting delivery under Abaxx's Gold Futures contract. We are excited about the synergy and participation and wish Abaxx continued success.'
The Abaxx Gold Singapore Futures contract is available for trading 14 hours per day, Monday through Friday. For full contract specifications and onboarding information, visit abaxx.exchange/resources-clearing-members-brokers.
About Abaxx TechnologiesAbaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.
In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiary Abaxx Spot Pte. Ltd., the operator of Abaxx Spot.
Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today's commodity markets and establishing the next generation of global benchmarks.
Abaxx Spot modernizes physical gold trading through a physically-backed gold pool in Singapore. As the first instance of a co-located spot and futures market for gold, Abaxx Spot enables secure electronic transactions, efficient OTC transfers, and is designed to support physical delivery for Abaxx Exchange's physically-deliverable gold futures contract, providing integrated infrastructure to deliver smarter gold markets.
For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media
For more information about this press release, please contact:
Steve Fray, CFOTel: +1 647-490-1590
Media and investor inquiries:
Abaxx Technologies Inc.Investor Relations TeamTel: +1 246 271 0082E-mail: ir@abaxx.tech
Cautionary Statement Regarding Forward-Looking Information
This press release includes certain 'forward-looking statements' and 'forward-looking information' (collectively, 'forward-looking statements') within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as 'believe', 'anticipate', 'estimate', 'project', 'intend', 'expect', 'may', 'will', 'plan', 'should', 'would', 'could', 'target', 'purpose', 'goal', 'objective', 'ongoing', 'potential', 'likely' or the negative thereof or similar expressions.
In particular, this press release contains forward-looking statements including, without limitation, statements regarding the potential benefits and impact of the Gold Kilobar Futures contract and Abaxx Spot platform, the Company's business strategies, plans, and objectives, the development of new markets and products, expectations regarding Abaxx's partnerships, demand for Abaxx's products and market adoption and regulatory approvals. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx's products and operations; the ability to list Abaxx's securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third- party software license risk; system failure risk; risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company's most recent management discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx's normal course of business.
Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.Sign in to access your portfolio
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