Singapore Bullion Market Association

Website Sponsor

Article List

Article List

INTL FCStone – Connecting Asia to Global Market Opportunities

By INTL FCStone

Published on June 1, 2017
An aerial view of Singapore’s Central Business District and Marina Bay; Notice the container ships docked at sea (Chensiyuan/Creative Commmons).

Financial services company INTL FCStone, which operates in more than 130 countries around the world through a network of 40 offices, opened its Singapore office in 2006, recognising gold’s migration from West to East, the rise of thriving Asian economies, and the region’s enormous growth potential. INTL Asia’s Head of Precious Metals – Asia, Martin Huxley, talks to Crucible about the company’s operations here and how the company is bringing new levels of market access for its customers.

INTL FCStone began trading physical bullion in the early 2000’s. Over the next few years, the company assembled a team of experienced industry experts to serve its expanding global customer base. Recognising gold’s migration from West to East, the rise of thriving Asian economies, and the region’s enormous growth potential, INTL FC Stone opened its first Asian office in Singapore in 2006, trading under the name INTL Asia Pte Ltd, with the objective of adding unique value for Asian market participants.

In subsequent years, the firm established offices in Hong Kong, Shanghai, Beijing and Sydney. More than 10 years later, Singapore remains the company’s largest office in the region, operating as its Asian hub, housing operational and risk management teams that support all its businesses.

Beyond Asia, INTL FCStone has precious metals teams located in Dubai, London and the United States, with consultants operating in India, Africa, Turkey and Eastern Europe.

Singapore remains the company’s largest office in the region, operating as its Asian hub.

Recently, INTL FCStone Limited, London, became a Direct Participant of the London Gold Auction, a significant milestone for its precious metal business and the company as a whole.

International access, local understanding

Today, INTL FCStone’s precious metals team in Asia delivers market access to all of the key regional markets, and includes speakers of Vietnamese, Thai, Bahasa, Mandarin and Cantonese.

Customers can trade physical gold through INTL FCStone’s online, physical premium-based platform, PMXecute+, the first of its kind in the international bullion market. The platform connects customers with the company’s global network of suppliers, where customers can peruse physical bullion offers from suppliers or submit requests for quotes, and INTL acts as principal to every trade. The entire process is automated, drastically simplifying discovery, trading, logistics and documentation.

The Precious Metals Asia team also offers electronic access to margin trading for precious metals, and can assist with developing innovative risk management solutions for customers looking to hedge their precious metal exposure. Clients are able to buy and sell bullion in non-USD currencies including SGD and AUD via the company’s online trading platform, PMXecute, or by calling the Singapore dealing desk.

Most importantly, the team prides itself on its knowledge of Far East bullion markets, and provides customers unrivalled support through funding, risk management, logistics and premier customer service and product offerings.

INTL Asia’s parent company is a US-listed public company, further providing financial stability, regulatory oversight, and a high degree of transparency in its operations, including regular news, filings, and reporting on its financial performance and activities.

We believe that Singapore will continue to be a critical access point for market participants in developing countries who are keen to plug into the global economy.

Global strength and resources

Prudent students of history know that gold nationalisation is real and has happened before. For example:

  • The Unites States nationalised all gold under its jurisdiction in 1933 (Executive Order 6102 for gold and Executive Order 6814 for silver in 1934).
  • UK banned gold between 1966 and 1979 to stem the decline of the pound’s value.
  • Australia still has a gold seizure law allowing for “seizure of gold if expedient to do so, for the protection of the currency or of the public credit of the Commonwealth” (Reserve Banking Act of 1959).

When the next major currency crisis occurs, there might be political pressure from highly indebted countries to repatriate gold. If these countries were to nationalise gold, what should happen to gold held by citizens of these countries in Singapore?

Singapore will likely state that private property is protected and that foreign jurisdictional authority to seize gold does not extend into Singapore. This response would be in line with protecting Singapore‘s most treasured assets: the rule of law and the confidence of investors.

Betraying this confidence could mean an economic disaster for Singapore. This is why the country is an excellent location to store physical gold and silver as an insurance against future crises and black swan events.

From Singapore,
Gregor Gregersen (a newly minted citizen of Singapore)

INTL FCStone

INTL FCStone in Asia: Quick Facts

Singapore office open since 2006

Direct Participant of the London Gold Auction

Bullion services:
  • Physical trading
  • Pricing in foreign currencies
  • Margin trading
  • Risk management
Deals in:
  • Refined products such as LBMA, non-LBMA bars (large bars, kilo bars, 100g bars)
  • Semi-refined products and doré
  • Scrap
  • Off-take arrangements
Other services in Singapore:
  • Global payments (175 countries)
  • Commodity hedging for dairy, grains, oilseeds and softs
  • Physical coal trading
Memberships (Asia & London):

SBMA, LBMA, LPPM, LME

Parent company:

INTL FCStone Inc.

Nasdaq:

INTL

Total assets:

US$5.95 billion

Markets traded:
  • Grains/Oilseeds
  • Metals
  • Securities
  • Energy
  • Dairy
  • Renewable Fuels
  • Softs
  • Meats/Livestock
  • Forest Products
  • Currencies
  • Financial Futures
Why did your company choose to make Singapore its hub for Asia precious metals, as well as other markets?

It was the most logical choice to complement our existing precious metals operations in the Americas and EMEA. The market ecosystem already existed and its location is ideal for conducting business both in Singapore and key neighbouring gold markets – including those operating now and those still being developed.

What value does INTL FCStone bring to this market?

We provide regional market participants with uninterrupted coverage and access to bullion markets using electronic solutions, risk management, and a highly experienced team. In addition, we open new markets for our clients and offer them access to the global bullion industry and its participants. Beyond that, we’re committed to being an integral part of the local economy through our Global Trader Programme status (operated by IE Singapore), through which we have made significant commitments in terms of expansion, business spending, and recruitment and training.

What do you see in the future for this market?

More growth, although this may occur at a slower pace. With the market expertise and infrastructure here, we believe that Singapore will continue to be a critical access point for market participants in developing countries who are keen to plug into the global economy. That advantage will drive future growth here.

— Martin Huxley, Head of Precious Metals – Asia, INTL Asia Pte Ltd

Contact

INTL Asia Pte Ltd
1 Raffles Place
#52-00 One Raffles Place
Singapore 048616

Tel: +65 6309 1000
Email: martin.huxley@intlfcstone.com
Web: www.intlfcstone.com

* This article was published in partnership with INTL FCStone

PREV ARTICLE
NEXT ARTICLE
BACK TO INDEX

Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.