First cleared iron ore swap on Singapore Exchange
Singapore Exchange (SGX) will launch the world's first cleared iron ore OTC swap contract on April 27 th .
SGX has also announced that it has signed an agreement with the Steel Index (TSI) to provide a reference price for the settlement of the iron ore swap contract to be cleared via SGX AsiaClear.
"The timing of a cleared swap contract is excellent given the shift from annual pricing to spot pricing. Combining this with a freight derivative contract, SGX's iron ore swap clearing has great potential," says John Banaszkiewicz, managing director of Freight Investor Services.
The launch of the SGX Iron
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