SGX Iron Ore Swaps continues record clearing streak

14.88m metric tonnes were cleared in August, up 42% from July's high.

Open interest also reached a new high, surpassing the 10 million (20,961 lots) mark on 30 August 2012, according to SGX in a release.

On the back of the recent surge in interest in iron ore, SGX OTC Iron Ore and FFA Options (“SGX OTC Options”) will be launched on 10 September 2012. Also, up to 40% rebates on Iron Ore Swaps cleared on SGX from 10 Sep 12 to 31 Oct 12 which will be given "on appreciation of customers’ strong support and in conjunction with the launch of options clearing."

SGX said the aformentioned rebates are on top of the 100% clearing fee rebate for all SGX OTC Options cleared from launch till October 2012 announced previously.

"To recognise market participants’ contributions towards the development of the SGX OTC Options, the Exchange will also present awards to the brokers and customers who clear the first trade, the largest trade and highest volume during the first month of launch from 10 Sep to 9 Oct 2012."