NEWYORK(Commodity Online): The NASDAQ OMX Group and the IKON GLOBAL MARKETS, Inc has jointly launched NASDAQ OMX XAU/USD Spot Gold Futures on the NASDAQ OMX Futures Exchange, on Wednesday.
The contract will trade under the symbol “NAU” and hopes to simulate the over-the counter(OTC) spot gold market trading experience.
The new futures contracts is cash-settled which gives retail investors an efficient and secure way to trade gold.
All investors will benefit from a product with unique features that allow for flexibility and trading strategies without concerns over delivery and forward rolling dates, a press release said.
The exchange-listed spot gold futures follow the construct of recent Dodd Frank legislation by providing central counter party clearing and the client protections of The Options Clearing Corporation.
Diwakar Jagannath, Chief Executive Officer of IKON, said, "Responding swiftly to the needs of our clients is the cornerstone of our business and IKON is pleased to announce the launch of a ground breaking product to continue that tradition."
Eric Noll, Executive Vice President of Transaction Services U.S. and U.K. at NASDAQ OMX, said both the firms see regulatory initiatives as an opportunity to create solutions for the financial services community.
NASDAQ OMX Group is the world's largest exchange group and IKON GLOBAL MARKETS, Inc. (IKON), is a futures commission merchant registered with the U.S. Commodity Futures Trading Commission (CFTC) offering foreign exchange, futures and options. Also, it s a global provider of financial products servicing investors on six continents
