US firms returning to iron ore derivatives after SGX and CFTC clear regulatory obstacles

The CFTC’s no-action relief letter issued late last year and SGX’s upcoming iron ore futures contract have ended uncertainty and brought back hesitant market participants

iron ore

US hedge funds have resumed using Singapore Exchange's (SGX) AsiaClear platform for iron ore swaps since the Commodity Futures Trading Commission (CFTC) granted no-action relief until the end of 2013, brokers have confirmed.

Similarly, non-US firms that remain wary of the current uncertain regulatory climate and do not want to trade swaps with US-based entities are looking to the SGX's upcoming launch on February 25 of iron ore futures to help avoid registration as swap dealers or major swap

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