First cleared iron ore swap

Singapore Exchange (SGX) launched the world's first cleared iron ore over-the-counter swap contract on April 27. 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 gr