Le Moscow exchange lance un nouveau marché de l'or

[Stephane]

Enfin un peu de concurrence face au Comex
D'ici la fin de cette année, l'or et l'argent seront cotés en roubles à Moscou.
Et des marchés du platine et du palladium seront lancés en 2014.

La Bourse de Moscou annonce qu'elle s'approvisionnera directement auprès des sociétés minières, conservera l'or elle-même, et pourra livrer chaque acheteur le lendemain.

http://rt.com/business/moscow-exchange- ... etals-326/

[maraboo666]

@ Stéphane
J'ai du mal à évaluer l'importance de cette nouvelle et je ne trouve pas d' articles la-dessus en Français...
Qu'en penses-tu toi-même?
Est-ce que les dates sont absolument confirmées ?
Les prix seraient basés sur le conmex (d'après ton lien)...mais est-ce quand même de nature à faire bouger quelques lignes en fonction du volume d'échanges attendus?

[Stephane]

Quelques infos supplémentaires prises directement sur le site du Moscow Exchange :

On June 26 the project "Precious metals market at the Moscow Exchange" was presented to the credit organizations, members of the Moscow Exchange's FX market, that have licenses to trade precious metals.

It is expected that the Exchange will launch trading in gold and silver with prices in rubles per gram and TOM settlement as well as swaps with maturity of TODTOM, TOMSPOT, 1w, 1M and 6M by the end of 2013.

Trades will be settled in Russian rubles. Trading hours will be from 10:00 through 23:50 MSK. Trading participants will utilize the risk management system of the FX market. Trading positions will be consolidated with the FX instruments for clearing purpose and existing settlement accounts may be used. NCC, the clearing arm of the Moscow Exchange Group, will ensure settlement of trades.

Credit organizations and brokerage firms will be the market trading members providing the access to the market to their clients, private investors, as well as precious metals producers and consumers.

With this new marketplace private investors will enjoy a new instrument serving as an alternative to OTC trading with impersonal metal accounts and offering minimum spreads and short selling opportunities. Banks will reduce costs associated with joining the precious market and be able to use the exchange infrastructure to make proprietary and client operations. In addition, credit organizations will obtain an additional way to refinance with the Bank of Russia and on the interbank market. Brokerage firms will be admitted to the market which was previously unavailable for them thus getting an opportunity to create products for clients using new instruments. Metals producers and consumers will be able to hedge against price risk through the exchange-traded instruments.

http://rts.micex.ru/n3452/?nt=201

Qu'en penses-tu toi-même?
Est-ce que les dates sont absolument confirmées ?
Les prix seraient basés sur le conmex (d'après ton lien)...mais est-ce quand même de nature à faire bouger quelques lignes en fonction du volume d'échanges attendus?

Tel que je comprend la chose, non les prix ne seraient pas basés sur ceux du Comex. Ce seront les échanges à la Bourse de Moscou qui détermineront le cours, et en rouble (donc pour la première fois dans une devise autre que le dollar).
Et comme les heures d'ouverture de Moscou coincident partiellement avec celles du Comex, il y aura éventuellement deux cours distincts à certains moments de la journée, l'un en dollar l'autre en rouble. Il sera intéressant de noter s'ils divergent par moments.

Faire bouger les lignes serait en effet fonction du volume d'échanges, donc de la part de marché que sera capable d'atteindre le Moscow Exchange. Pour le moment, on n'en sait rien sauf que l'argumentaire "livraisons de physique déclenchées le lendemain des transactions", si ce n'est pas une promesse mensongère, pourrait plaire à une partie des investisseurs, surtout dans un contexte où les stocks du Comex sont au plus bas.

Ce que j'en pense pour le moment c'est que vu que 80% de la manipulation des cours (estimation perso au doigt mouillé) s'opère actuellement sur le Comex, toute vélleité de concurrence est a priori une bonne nouvelle. Après, wait and see... Mais pour le moment je fais davantage confiance aux autorités russes pour empêcher le Cartel de prendre le contrôle de cette nouvelle place de marché comme ils l'ont fait jusque là du Comex, du LBMA, du HKMEX...

[Stephane]

Ça se précise. La nouvelle place de marché russe sera lancée ce mois ci.

OAO Moscow Exchange will introduce trading of gold and silver as early as this month as part of plans to make metals more accessible to smaller banks by reducing transaction costs.

The exchange will quote gold and silver in Russian rubles per gram, with minimum trades starting at 10 grams of gold and 100 grams of silver, the bourse’s Deputy Chief Executive Officer Andrey Shemetov said in an e-mailed response to questions yesterday. Platinum and palladium contracts will start trading in the first half of 2014, he said. Russia is the world’s largest developing-nation producer of gold after China.

Most metals trading in the country takes place via the over-the-counter market, which is dominated by Russia’s biggest banks, such as OAO Sberbank. Smaller lenders including Moscow-based Absolut Bank ZAO take on higher costs and risks because they turn to the market makers to close positions, limiting their ability to offer precious-metal trading to clients.

“It’s a cheaper way of tapping into ruble-denominated gold,” Ivan Fomenko, head of asset management at Absolut Bank, which offers metals accounts to clients, said by phone on Oct. 9. “You will be able to buy, sell, swap easily. It’s awesome.”

Fomenko couldn’t provide a cost-savings estimate.

The Moscow Exchange is following Shanghai Gold Exchange in listing precious metals to augment over-the-counter, or OTC, trading and broaden the range of instruments available for hedging and liquidity purposes. The bourse will also introduce swap agreements for the metals that aren’t available on the OTC market, Shemetov said.
‘Unusual Move’

It’s an “unusual move” for the stock and currency exchange to list physical metals, and has the potential to affect the gold market as trading volume grows, Marcus Grubb, managing director of investment research at the World Gold Council, said in an e-mailed response to questions on Oct. 9.

The exchange will quote prices and enable traders to settle contracts via delivery to and from unallocated metals accounts at its National Clearing Center. Banks can deposit or withdraw precious metals in the form of physical bullion bars, and delivery and collection will occur at a nominated Moscow vault, the bourse said. The contracts are also likely to appeal to brokers, producers, jewelers and private investors in the long run, it said.

“A transparent, exchange-based market will emerge as the best place for determining fair value for Russia’s precious metals,” Shemetov said. “We hope to bring some change to the Russian precious metals market, whose current structure is primarily vertical.”

Trading hours will run from 10 a.m. to 11:50 p.m. Moscow time, with settlement taking place on the day after the trade. Negotiated deals will include same-day and forward settlements of as far as six months in the future, the exchange said.

“Operational costs will be lower, bringing in new players and making the gold market more efficient,” Fomenko said.

http://www.bloomberg.com/news/2013-10-1 ... ppeal.html

[Stephane]

Le projet avait pris du retard, mais il se concrétise finalement

La Bourse de Moscou ouvrira sa place de marché pour l'or et le pétrole le 8 juin prochain. Et les cotations se feront en roubles, pas en dollars.

RTS bourse to start trading oil, oil products, gold on June 8
16:03 22/05/2006

MOSCOW, May 22 (RIA Novosti) - The Russian Trading System, Russia's premier stock market, announced Monday that it would start trading in gold, oil and oil products on June 8.

The announcement comes in the wake of President Vladimir Putin's state of the nation address May 10, when he said Russia, as a leading oil exporting nation, should establish its own oil exchange to trade crude and petroleum products for rubles.

"The first trading in contracts for gold will commence in Russia on June 8," the RTS said in a statement.

The stock exchange also said it would start trading in futures and options on oil and oil derivatives, including Urals brand, diesel fuel, jet fuel and fuel oil. Trade will be in rubles based on prices calculated by the Platts agency. The settlement period for a contract is one month and the minimum security guarantee on a contract is 10% of its overall value.

The derivatives section of the RTS, known by its Russian acronym Forts, will trade futures and options on gold in rubles based on the London Stock Exchange evening fixing rate. The settlement period for a contract is one month and the minimum security guarantee on any contract is 5% of its overall value.

The statement said RTS would collect a 1-ruble commission for each concluded contract.

[maraboo666]

Est-ce- qu'ils envisagent la cotation du Silver aussi?
ils pourraient presque prendre le relais de la fin officielle mi-Aôut du fixing par le cartel?
Je précise que mes questions ne sont pas totalement désintéressées car je me sens assez motivé par le métal blanc en ce moment et je lorgne du côté d'une "Box" jaune ou verte...
Enfin, je précise que si j'ai tendance à défendre la position Russe sur la "multipolarité" en général et sur le dossier Ukrainien en particulier, je ne me fais pas trop d'illusions non plus...
Après tout, V.Poutine aussi bien que G.Bush, ne sont-ils pas "citoyens d'honneur"...de La City Of London?

[Stephane]

Bon en fait la vraie nouveauté est l'ouverture d'un marché de futures pour l'or (et pour le pétrole évidemment).
Il existe déjà un marché spot en roubles pour l'or et l'argent depuis l'année dernière.

Pour ce qui est de concurrencer le fixing de Londres, je m'attendrais plutôt à ce que l'initiative vienne de Chine, qui pourrait lancer un de ces jours un véritable marché du physique...