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SGX SIGNS AGREEMENT WITH PLATTS AND ANNOUNCES LAUNCH OF ITS OTC CLEARING FACILITY
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The Singapore Exchange (SGX) today announced that it has signed an agreement with Platts who will provide the benchmark prices that are used for the final settlement price for all the oil derivatives contracts.
We are also pleased to announce that the official launch for the OTC clearing facility will be on 5 May 2006 and Mrs Lim Hwee Hua, Minister of State for Finance and Transport, will be gracing the launch ceremony.
Mr Seck Wai Kwong, Senior EVP and Head, Strategy and Business Development Group of SGX said, "We are delighted to partner with Platts, a leading international price assessment and benchmark provider for the energy markets, in the development of an OTC clearing facility for the oil industry. With the strong support from Platts, we seek to bring greater efficiencies to OTC oil market participants."
Ms Victoria Chu Pao, President of Platts, a division of The McGraw-Hill Companies said, "Platts and SGX have built a longstanding partnership in enabling the Asian energy markets to operate with transparency and efficiency. We are pleased to broaden our relationship to support the needs of the derivatives markets."
The SGX OTC Facility offers the clearing of oil derivatives, wet/tanker forward freight agreements and dry bulk forward freight. The list of products that can be cleared through the SGX OTC clearing facility is attached in Annex 1.
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Notes:
Forward Freight Agreements (FFA) are over-the-counter products made on a principal-to-principal basis for trading specified time charter and voyage rates for forward positions.
OTC participants can now clear their transactions on the following products with SGX OTC clearing:
Oil Derivatives
- Dubai Crude Oil Swaps
- Brent-Dubai Crude Spread Swaps
- Gasoil Swaps FOB Singapore
- Kerosene Swaps FOB Singapore
- Naphtha Swaps FOB Singapore
- Singapore Fuel Oil 180 cst Swaps
- Singapore Fuel Oil 380 cst Swaps
Dry Bulk Voyage FFA
- Capesize Route C3
- Capesize Route C4
- Capesize Route C5
- Capesize Route C7
Dry Bulk Time Charter FFA
- Panamax Route P2A
- Panamax Route P3A
Dry Bulk Time Charter Basket FFA
- Capesize Time Charter Basket Average 4 Routes
- Panamax Time Charter Basket Average 4 Routes
- Supramax Time Charter Basket Average 5 Routes
Wet Tanker FFA
Issued on: 21 April 2006
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