Swiss first to use gold in securities payments
Gold will soon be accepted in payments against the delivery of securities on the Swiss stock exchange, in what will be a world first.
SIX Securities Services announced the plans after the successful settlement of transactions involving gold with a pilot set of customers.
The Swiss stock exchange and Scoach Switzerland, the stock market for structured products, plan to introduce the listing and trading of products in XAU gold units (equal to one troy ounce of gold) in October.
SIX Securities Services said it decided to launch the new service because of the high interest at this time among investors in gold, following “uncertainty in the markets”.
“Gold is the new currency,” said the company.
Anyone wanting to settle securities transactions this way will need an XAU gold unit account with the company. Their account will also have to be well stocked.
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