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The Exchange is pleased to annouce that it will be extending the number of contract months available for OTC Iron Ore Swap Contract by an additional 12 contract months with effect from Thursday, 14 May 09.
We have received market feedback of the need to hedge longer term exposure. This extension will hence enable market participants to trade and clear further months.
With this new addition, the contract months available for clearing will be as follows:
Contracts |
Revised with effect from 14 May 09 |
Current |
Months |
18 consecutive months starting from current month |
6 consecutive months starting from current month |
The contract months available for clearing on 14 May 09 will therefore be from May 09 to Oct 10. The updated contract specification is provided below.
Should you need any clarification or further information, please contact Kenneth Ng (Tel: 6236-8388) or Tan Say Liang (Tel: 6236-5130) of AsiaClear.
CONTRACT SPECIFICATIONS FOR IRON ORE SWAP CONTRACT
Product |
Iron Ore Swap |
Contract |
Iron Ore CFR China (62% Fe Fines) Swap |
Contract Size |
500 metric tons (mt) |
Ticker Symbol |
FE |
Minimum Price Fluctuation |
US$0.01 per dry metric ton |
Contract Months |
18 consecutive months starting with current month |
Trade Registration Hours |
Monday 8:00 am to Saturday 4:00 am (Singapore Time)
System not available from 4:00:01 am to 7:59:59 am daily |
Trade Registration Hours on LTD |
8:00 am to 8.00 pm (Singapore Time) |
Last Trading Day |
Last publication day of The Steel Index (TSI) iron ore reference prices in the contract month |
Final Settlement Price |
Cash settlement using the arithmetic average of all The Steel Index (TSI) iron ore reference prices in the expiring month, rounded to 2 decimal places |
Position Limit |
3,000 lots |
* Clearing Members may apply to the Exchange for higher position limits on behalf of their customers. Approval is granted on a case-by-case basis and the financial standing of the Member and their customers are important criteria. Issued on: 8 May 2009
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