SGX AsiaClear – the largest clearer of iron ore swaps located in Singapore and unit of Singapore Exchange Limited (SGX) had earlier planned to start iron ore futures contract from Feb 25 has delayed it by 6 weeks.
Reasons for postponing the new product is to see that conducting necessary systems is taken into account, customers are ready, member firms get enough of time to prepare their trading and clearing support.
More than 90% of world's iron ore swaps are cleared by SGX AsiaClear.
In January, iron ore swap and options contract reached a record of 18.2 million metric ton (mmt) and open interest rose to a all time high 18 million tons (mt) on Feb 20.
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