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19 April 2024

Bank starts online gold trading

By Staff Writer




Standard Chartered has launched online gold trading for its corporate, small and medium enterprises and institutional clients.

“These clients are able to trade gold accounts through On Line Treasury (OLT), Standard Chartered’s comprehensive Request for Quote FX service, which is merged into Straight2Bank,” said the bank’s statement.

Standard Chartered plans to launch electronic trading for other precious metals in the near future, including silver, platinum and palladium.

The bank will also offer gold overdrafts, loans and transfers, and hedging tools through its branch network in the UAE.

Straight2Bank is a fully integrated web-based platform, which provides cash, trade, foreign exchange and securities services through a single sign-on access.

It provides clients with streamlined 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 consistent pricing and execution. This service leverages Standard Chartered’s coverage of global FX markets supporting spot, forward and swap pricing in more than 100 currency pairs 24 hours a day.

Gold trading via OLT is linked to gold accounts held at the bank’s Gold Souk branch in Dubai.