Market sources say that Icap will put spot gold/yen (XAU/JPY) on EBS from Monday, November 5. The move is expected to tap into the growing demand for non-dollar- denominated metals trading. There is apparently growing domestic retail appetite in Japan, and gold futures trading on Tocom is said to be thriving, as well as strong interest from hedge funds and investment banks. Listing XAU/JPY will obviously remove the potential of getting caught out crossing spreads when the cross is synthetically quoted.
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