Singapore will establish an over-the-counter gold clearing system and introduce central bank gold-vaulting services, Deputy Prime Minister Gan Kim Yong said on Monday (Jun 15), as the country looks to establish itself as a gold trading hub. The Singapore Exchange will establish an over-the-counter gold clearing system for Loco Singapore, or physical gold stored in Singapore, by the end of this year, Mr Gan told the Asia-Pacific Precious Metals Conference on Monday. Six banks - DBS, Deutsche Bank, ICBC Standard Bank, JPMorgan, OCBC and UOB - will be clearing members, he said. The Monetary Authority of Singapore (MAS) ... (full story)