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Article: Singapore Dollar to Be Traded on NY Cotton Exchange

Article from:
Xinhua News Agency
Article date:
May 20, 1997
Copyright

The Singapore dollar will make its debut on the New York Cotton Exchange (NYCE) next month in a landmark development that is not too welcoming to the Monetary Authority of Singapore (MAS), the Straits Times reported today.

In addition to the Singapore dollar, three other ASEAN (Association of South East Asian Nations) currencies, the Malaysian ringgit, the Indonesian rupiah, and the Thai baht, will also be traded against the US dollar from the end of June, the report said, citing NYCE senior vice-president Charles Miner as saying.

Despite its name, about 40 percent of the trading volume of the 125-year-old exchange is in financial futures products. A futures contract is an agreement for sale ...

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