Abaxx Exchange recorded more than 100,000 contracts in a single day for the first time on Wednesday, with total volume coming to 117,879 contracts.
Gold Singapore futures (GKS) accounted for 116,052 of those contracts, a new single-day high for the product. The previous GKS record was 45,501 contracts, set on May 14.
The announcement came from Toronto-based Abaxx Technologies Inc., the majority shareholder of Abaxx Singapore Pte Ltd., which owns Abaxx Exchange and Abaxx Clearing.
Abaxx said the volume showed progress in building liquidity and was equal to about 10% of the company’s stated 1 million average daily volume target.
“Our efforts to seed liquidity have translated into a deeper order book, tighter prices, and consistent liquidity across our markets,” said Josh Crumb, CEO of Abaxx Technologies. “This creates greater commercial opportunity for trading participants and helps attract additional clearing members with growing clearing fees and margin contributions in Abaxx markets.”
The record followed Yongan International Financial (Singapore) Pte. Ltd.’s June 29 launch as a clearing and trading member, making it the first Chinese-backed futures firm allowed to both trade and clear on Abaxx Exchange.
