SINGAPORE,
Jan. 12, 2022
/PRNewswire/ -- CME Group, the world's leading and most
diverse derivatives marketplace, today announced that its two new
China portside iron ore futures contracts have launched and are
available for trading. A total of 500 contracts have traded since
launching on January 10, with
participation from a number of firms, including ForChi Holding Pte
Ltd, Theme International Trading and Trafigura. These trades
were brokered by a number of inter-dealer brokers including BPI
Financial Group, SSY Futures and Straits Financial
Services.
"Our China Portside Iron Ore futures are complementary to our
existing ferrous suite of products and provide a way for customers
to manage their exposure to landed iron ore cargo prices on-shore
in China," said Young-Jin Chang, Managing Director and Global
Head of Metals at CME Group. "We are pleased to see strong
industry interest and support for these iron ore futures
contracts."
"The launch of these two new China
Portside contracts by CME Group gives market participants a
key differentiated offering in the iron ore derivatives space and
provides the opportunity to trade the import margin, adding more
variety and sophistication to trading strategies used for existing
iron ore products," said C.J. Zhang, CEO, Theme International
Trading. "We are excited in supporting and trading these new
contracts, and firmly believe that such product innovation is
healthy for the marketplace and signifies important progress in the
iron ore trading and risk management space."
"The launch of CME Group's China
Portside Iron Ore futures contract is an important
milestone in the development of the iron ore derivatives market.
These contracts will offer our customers a new hedging tool for
onshore portside transactions, which are becoming an increasingly
important part of iron ore price discovery," said Roger Quek, CEO of Straits Financial
Services. "These are compelling additions to CME Group's
suite of ferrous metals derivatives, and we are excited to play a
key role in helping to grow the liquidity in these innovative
contracts."
These two new CME Group contracts are financially-settled based
on assessments for portside prices published by Argus Media. The
Iron Ore China Portside Fines CNH fot Qingdao (Argus) futures contract settles to
the Argus PCX 62% Fe Portside Iron Ore Index and is quoted in CNH
per wet metric ton, while the Iron Ore China Portside Fines USD
Seaborne Equivalent (Argus) futures contract settles to the Argus
PCX Seaborne equivalent index and is quoted in USD per dry metric
ton.
These contracts are listed by and subject to the rules of COMEX.
For contracts specifications, or for more information on CME
Group's ferrous metals products, please visit:
https://www.cmegroup.com/trading/metals/ferrous.html.
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) enables clients to trade futures,
options, cash and OTC markets, optimize portfolios, and analyze
data – empowering market participants worldwide to efficiently
manage risk and capture opportunities. CME Group exchanges offer
the widest range of global benchmark products across all major
asset classes based on interest rates, equity
indexes, foreign exchange, energy, agricultural
products and metals. The company offers futures and
options on futures trading through the CME Globex® platform, fixed
income trading via BrokerTec and foreign exchange trading on the
EBS platform. In addition, it operates one of the world's leading
central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and, E-mini are trademarks of Chicago Mercantile
Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board
of Trade of the City of Chicago,
Inc. NYMEX, New York Mercantile Exchange and ClearPort are
trademarks of New York Mercantile Exchange, Inc. COMEX is a
trademark of Commodity Exchange, Inc. BrokerTec and EBS are
trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively.
Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P
are service and/or trademarks of Dow Jones Trademark Holdings LLC,
Standard & Poor's Financial Services LLC and S&P/Dow Jones
Indices LLC, as the case may be, and have been licensed for use by
Chicago Mercantile Exchange Inc. All other trademarks are the
property of their respective owners.
CME-G
View original
content:https://www.prnewswire.com/news-releases/cme-group-announces-first-trades-of-china-portside-iron-ore-futures-301459084.html
SOURCE CME Group