Singapore Exchange to launch steel futures, swaps Feb. 17
SINGAPORE Jan 20 (Reuters) - The Singapore Exchange will launch hot-rolled coil (HRC) steel futures and swap contracts on Feb. 17, aiming to tap rising consumption of the alloy in Southeast Asia.
SGX is trying to open up the Asian steel derivatives market by taking on rebar futures in Shanghai, currently the world's most liquid steel futures <0#SRB:>, but foreign investors aren't allowed to trade there unless they are registered locally.
The SGX contracts would add more steel derivatives to a largely illiquid global suite outside China, and their success would depend on participation from traders from the world's biggest steel consumer and producer.
The HRC futures and swaps will have a contract size of 20 tonnes and will be cash-settled using a reference price by data provider Steel Index, the bourse said in a statement late on Friday.
SGX clears the bulk of iron ore derivatives traded globally with the volume of swaps, futures and options more than doubling to 590,648 contracts last year, according to the exchange.
(Reporting by Manolo Serapio Jr.; Editing by Shri Navaratnam)
- Former WWE champ nabs suspected burglar in Arizona
- First Ebola victim in Sierra Leone capital on the run
- Thousands take to N.Y. streets to protest Israeli offensive in Gaza
- U.S. fighter jets escort Canadian plane home over passenger threat
- Apple iPhones allow extraction of deep personal data, researcher finds