ICE To Introduce Cleared Iron-Ore Swap

11-23-2009 | Source: Derivatives Week

The IntercontinentalExchange has announced that it will introduce an over-the-counter cleared iron ore contract based on the Platts Iron Ore Index. The ICE Platts Iron Ore Swap 62% Fe contract will start clearing on ICE Clear on Dec. 2. Fe is the chemical symbol for the element iron. High grade ore contains at least 60% iron content, but the iron ore industry has adopted the 62% iron content as a standard benchmark for derivative transactions.

Click here to read the release from ICE