OREANDA-NEWS. June 09, 2011. At the same time with the official launch of the electronic trading platform of Hong Kong Mercantile Exchange (HKMEx), the gold futures contract instruction, placed on behalf of the customer by ICBC International, the subsidiary of ICBC in Hong Kong, was closed smoothly at a price of USD 1486.8 per ounce. This deal was the first transaction closed on the day, also the first closing since the trading debut of the Exchange, marking a new development phase of commodity trading market in Hong Kong, reported the press-centre of ICBC.

As related, HKMEx is a trading services provider under the approval of the Hong Kong Securities and Futures Commission to offer market participants the use of its state-of-the-art electronic platform to trade commodities. The Exchange mainly focuses on the futures trading services on resource products such as gold. On the first day of trading, the Exchange was packed with the excitement of trading, with 3929 lots closed to a total of USD 189 million.

According to an ICBC executive, the Bank attaches high importance and great support to the growth of Hong Kong commodity trading market. ICBC Asia, the subsidiary of ICBC in Hong Kong, is the founding shareholder of Hong Kong Mercantile Exchange and participates extensively in the Exchange's trading as a trading member, clearing member, as well as a settlement bank. Another subsidiary of ICBC in Hong Kong, ICBC International, also actively involved in the preparation of the set up of HKMEx in the early stage and arranged a heavy schedule for system testing. As a result, ICBC International concluded the historic first trade on the debut of the Exchange to provide trading services to outside.

Industry insiders said that the Hong Kong financial market is lagging behind in commodity futures market despite the booming activities on securities and derivatives trading, not in parallel to its claim as international financial center. The successful trading debut of Hong Kong Mercantile Exchange plays a significant role to defend Hong Kong's status as the international financial center, and a milestone for the development of commodity market in Asia.