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HKMEX to Cease Trading, Will Close Out & Cash Settle Open Contracts Monday!

from Silver Doctors:

When the Rothchild’s HKMEx was launched in 2011, much of the metals community assumed that the COMEX & LBMA, were they not to outright default, would fade into irrelevance with the advent of the new Asian metals exchange.

Two years to the day after the exchange’s launch however, in perhaps the most glaring evidence of physical gold & silver shortage to date, the HKMEx has announced it will voluntarily cease trading, and all open positions will be closed out and financially (cash) settled on Monday 5/20!

As Commodities Now reports, the HKMEx has voluntarily made the decision to cease trading and close out all open positions:

The Hong Kong Mercantile Exchange (HKMEx) announces today it has decided to voluntarily surrender the authorisation to provide automated trading services (“ATS”) granted by the Securities and Futures Commission (“the SFC”). With immediate effect, no new orders may be placed and all open positions will be financially settled at the settlement price determined by HKMEx and its designated clearinghouse.

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4 comments to HKMEX to Cease Trading, Will Close Out & Cash Settle Open Contracts Monday!

  • Paul Prichard (Paper Bear)

    Got physical silver ?

  • YoMan

    Desperate is as desperate does. Paper rig down, longs wanting to take delivery of physical. Pay off longs with less fiat.

  • steelerdude

    I wonder what kind of lawsuits could be placed if the comex tried to settle with cash when the contract holder demanded his silver / gold?

    That would rip apart the comex……

    • Johnny

      Isn’t it in the “small print” that the payout could be in fiat? That’s my understanding of it anyway, and which is why there could never be a COMEX default (technically speaking, that is).

      Of course, no metal means no metal. And we know what happens then.

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