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Leading liquidity provider Scope Prime has expanded its bullion trading offering with eight new precious metal cross-currency pairs, responding to increased institutional demand for non-USD denominated precious metal exposure.
The expansion allows institutional traders to access gold prices in Australian Dollars, Euros, Japanese Yen, British Pounds and Chinese Yuan, alongside traditional US Dollar pricing. Silver will now be available to trade against the Australian Dollar, Euro and Japanese Yen, in addition to existing US Dollar quotes:
▪️ XAU/AUD
▪️XAU/EUR
▪️XAU/GBP
▪️XAU/CNH
▪️XAU/JPY
▪️XAG/AUD
▪️XAG/EUR
▪️XAG/JPY
Daniel Lawrance, CEO of Scope Prime, said: “Whilst an institutional counterparty has always had the ability to structure trades like this, the feedback from many was clear. They preferred to work with one base currency for their trades, as this enabled them to have better visibility when it came to risk management. We also know that bullion is frequently used as a hedging tool, so this latest innovation is an extension of the growth in our underling tradable universe which now includes a growing number of non-USD denominated assets.”
The move comes amid renewed institutional interest in precious metals trading and reflects the growing internationalisation of Scope Prime's client base. The firm has seen an increase in sophisticated institutions and brokerages using its liquidity services.
"As a business we know the importance of evolving our offering to meet the needs of our counterparties. Our own growth means that a greater number of sophisticated institutions and brokerages are choosing to take their liquidity from Scope Prime, which comes complete with calls for a more flexible product set. We are delighted to again be responding to these needs through the launch of these new precious metals crosses," Lawrance added.
The new trading pairs will be showcased at the Hong Kong Traders Fair on 14 December 2024, where Scope Prime will be exhibiting.
You can view all the instruments offered by Scope Prime by visiting their page on LiquidityFinder (click the link below).
