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Print[Ferro-Alloys.com]Reuters reported that the Singapore Exchange has pushed to April the launch of its iron ore futures contract to give clients and member firms more time to prepare for the new product.
SGX which clears more than 90% of globally traded iron ore swaps had earlier planned to launch futures contracts including iron ore and freight on February 25th. It is now considering April 8th as the date.
It said that "This will provide member firms sufficient time to prepare their trading and clearing support including conducting necessary systems testing.”
The iron ore futures contracts will allow SGX to keep and attract more U.S clients faced with tougher rules on trading over-the-counter derivatives such as swaps.
The exchange earlier said that the U.S Commodities and Futures Trading Commission had allowed it to continue clearing iron ore swaps for U.S clients while in the process of registering with the regulatory body as a derivatives clearing organisation. Under Washington's Dodd-Frank Act the CFTC requires all clearing houses that clear swaps for U.S customers to be registered with the regulator.
SGX said that it cleared a record 18.2 million tonne of iron ore swaps in January trumping an earlier record set in September.
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