INTL FCStone launches world’s first web-based gold trading platform
The precious metals division of INTL FCStone Ltd says PMXecute+ allows customers access to its global inventory and network of supply partners.
It is also claimed to be the world’s first web-based gold trading platform.
Barry Canham, global head of precious metals at INTL FCStone, says it is “simply automating our interaction with our customers – improving market access and efficiency – through one platform”.
Customers who do not see offers meeting their specific requirements (regarding quantity, specification or location) can use the platform’s request for quote function, which notifies all relevant suppliers around the world.
Suppliers can anonymously create firm or indicative offers (premium, location, expiry date) on the platform for all customers to view and, if they like what they see, trade on, “thus seamlessly securing gold at a premium and a location they want”. The platform also allows for shipping to be added, if the customer requires.
To use the platform, the “only” know your customer (KYC)/onboarding required is between the buyer and INTL, and between the seller and INTL, given that INTL will be principal to all transactions booked on the platform. Buyers and sellers do not need to exchange onboarding documentation with each other. It offers an automated workflow and full audit trail.
INTL FCStone Inc says it has more than 20,000 customers in 130 countries on five continents. It was founded in 1981 and is headquartered in New York.