SGX Iron Ore Swaps sets new clearing record
Volumes reached 7.67 million tonnes or 15,353 lots cleared in May, up 122% yoy.
SGX Iron Ore Swaps market continues its upward trend in growth, said the exchange in a release, also noting that open interest is also gaining ground.
Month-end open interest in May 2012 was 6.18 million tonnes or 12,375 lots, slightly higher than the previous record of 12,211 lots in March 2012, said SGX.
"In addition, SGX has made significant inroads into China. Almost half of the participants who cleared through SGX in May are Asian companies. Trade size has increased as well, with larger clip sizes of up to 100kt per contract month cleared in May 2012," said SGX.
"SGX continues to be the preferred market for serious market participants who wish to hedge their underlying exposure. With Iron Ore options set to be launch in the second half of this year, we believe the Iron Ore Swaps market will continue to grow in strength," it added.