The Swiss Stock Exchange (SSE) will unveil a gold currency that will offer new clearing services to its trade customers, IBTimes reports. The products, XAU gold units with an exact value of one troy ounce of gold, will be launched in partnership with Scoach Switzerland, the stock exchange for structured products.
Investors seeking to use the new gold currency will be required to open an account with Swiss financial services provider Six Securities Services. Transactions done through this account will be evaluated in the XAU gold units that will work as any other paper currency, such as the U.S. dollar or the euro, does.
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