JPMorgan picks Singapore for precious metals vault

To be opened during the third quarter of 2010, the precious metals vault facility will facilitate trading in gold and other valuable commodities.

According to a Reuters report, "The vaults will accommodate the trading of physically settled futures contracts on regional exchanges, exchange traded funds (ETFs) as well as physically settled financing transactions in which J.P. Morgan is involved."

The endeavour will be J.P. Morgan's first Asian precious metals vault facility.

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