Singapore Exchange (SGX) will establish an over-the-counter clearing system for Loco Singapore gold by end-2026, with interbank trading on the system expected to build from 2027, according to the opening speech by Monetary Authority of Singapore (MAS) chairman Gan Kim Yong at the 9th Asia-Pacific Precious Metals Conference on 15 June 2026. The speech names DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC and UOB as clearing members under a memorandum of understanding with SGX, and says the system will handle large bars and kilobars, with settlement during Asian trading hours. Singapore is aligning its market practice with the LBMA Good Delivery framework for large bars and with the delivery and settlement standards used by exchanges including CME Group and the Shanghai Gold Exchange for kilobars. MAS will introduce gold vaulting for foreign central banks and sovereign entities by October 2026 and open gold accounts to selected bullion banks based in Singapore.
Under LBMA’s Good Delivery Rules a large bar holds 350 to 430 fine troy ounces at a minimum fineness of 995.0, and settles on the fine weight recorded against its serial number on the weight list. CME Group’s Gold Kilo contract on COMEX admits kilobars at a minimum fineness of 999.9 from exchange-approved brands, once the depository has matched the fineness, serial number and weight inscribed on each bar to the producer’s bar list. The Shanghai Gold Exchange admits kilobars from refiners on its own accreditation list, which is separate from the LBMA Good Delivery List. For bars already vaulted in Singapore, those records decide which of the named standards a bar meets: a large bar by its refiner’s listing and its weight-list entry, a kilobar by its refiner’s standing with CME Group and the Shanghai Gold Exchange and, for COMEX, by a producer bar list that matches its inscriptions.
The speech puts commercial vault capacity in Singapore at more than 2,000 tonnes, serving bullion banks, institutional holders and high-net-worth individuals, and directs the MAS service at foreign central banks and sovereign entities, so placement for all other holders stays with commercial vault providers. A corporate treasury or family office that is not an SGX clearing member reaches Loco Singapore settlement through one of the clearing-member banks.
The system’s acceptance rules and account terms are SGX’s to issue as operator; the terms of the vaulting service and of the gold accounts for bullion banks rest with MAS.