LCH.Clearnet to clear iron ore swaps
London based clearing house LCH.Clearnet has announced that it will clear over the counter (OTC) iron ore swap contracts before the end of May.
LCH.Clearnet is working with OTC iron ore and freight broker Freight Investor Services (FIS) to develop monthly cash-settled swaps based on industry published reference prices.
"We are pleased to have been working exclusively with LCH.Clearnet on this project. The volatility in the spot market since last April has created a need for a cleared derivative contract and abolishment of the old iron ore pricing mechanism," says John Banaszkiewicz, managing director of FIS.
The announcement follows the
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