SGX AsiaClear postponed the start of an iron ore futures contract by six weeks to ensure that customers are ready, the world’s largest clearer of swaps for the commodity said.
The Singapore-based clearing house, which had planned to offer the new product from Feb. 25, will start it on April 8, the unit of Singapore Exchange Ltd. (SGX) said in a statement dated yesterday. The postponement “will provide member firms sufficient time to prepare their trading and clearing support, including conducting necessary systems testing,” it said.
Iron ore swap and options contracts reached a record 18.2 million metric tons in January, according to the statement. Open interest rose to an all-time high of 18.7 million tons on Feb. 20, it said. SGX AsiaClear clears more than 90 percent of the world’s iron ore swaps, according to its website.
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