SGX OTC Indonesian Coal Swap makes successful debut

Singapore Exchange (SGX) announced on Thursday that it successfully launched clearing of the OTC Indonesian Sub-Bituminous Coal Swap contract on 3 November.

Brokered by Ginga Petroleum, the first trade ? with a contract value of US $1.2 million - was done between Mercuria Energy Trading and RWE Supply & Trading.

Jeremy Ang, Executive Director, Commodities at SGX said, "Given the keen interest in this contract and active participation by industry players thus far, we are optimistic about the growth potential of this clearing service.?

Each contract is equivalent to an exposure of 1,000 metric tonnes of physical sub-bituminous coal from Indonesia and will be cash-settled against the IHS McCloskey Indonesian Sub-Bituminous FOB marker. Registration hours of this contract are from 8.00am to 4:00am the following day (Singapore time), Mondays to Fridays.(alex)