Singapore starts clearing OTC iron ore swaps

AsiaClear, the energy and freight derivatives clearing house under Singapore Stock Exchange (SGX), added a clearing service for over-the-counter (OTC) iron ore swap contracts last month based on reference prices provided by the Steel Index.

A total of $2.4 million and 38,000 tonnes' worth of contracts were cleared on the platform on its debut on April 27, according to AsiaClear. The size of each iron ore swap contract is 500 tonnes and contracts are cash-settled based on the average of the Steel

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