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Shanghai Clearing House to launch IODEX derivative denominated in RMB May 7

Singapore — Shanghai Clearing House will launch a yuan-denominated iron ore derivative contract based on the Platts 62%-Fe IODEX on May 7, a source from the bourse said Thursday.

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The new contract, called CNY Platts Iron-ore Swap, will "give market participants one more hedging option," the source said.

The first contract month traded is understood to be May 2018.

The source said that the listing of IODEX in yuan will complement the internationalization of Dalian Commodity Exchange's iron ore futures, which starts May 4.

The source also added that the new contracts are focused on institutional investors, unlike DCE's internationalization, which is closer to retail investors.

A physical iron ore trader said that SHCH and DCE are initiatives that are liberalizing the iron ore market which is providing participants with "a lot of options for hedging." The source "welcomes these initiatives."

SHCH was established November 28, 2009, and it is regulated by the People's Bank of China. SHCH clears bonds and derivatives of commodities and exchange rates.

Platts' IODEX and TSI's 62%-Fe iron ore contracts are listed on several exchanges such as Singapore Exchange, Hong Kong Exchanges and Clearing Limited, Chicago Mercantile Exchange and Intercontinental Exchange.

(Adds comment from market source)

--Edwin Yeo, edwin.yeo@spglobal.com
--Edited by Alisdair Bowles, alisdair.bowles@spglobal.com