CBMX operates the iron ore spot trading platform in China, which was jointly initiated by China Iron and Steel Association (CISA) and China Chamber of Commerce of Metals Minerals and Chemicals Importers and Exporters (CCCMC). Since its opening on 8 May 2012, more than 13 million metric tonnes of iron ore have been traded. The trading pattern of the platform and the base price it generates, are gradually gaining market influence. SGX AsiaClear is the pioneer commodities OTC clearing service in Asia and enjoys over 90% global market share in the clearing of iron ore swaps.

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Under the MOU, both exchanges will jointly explore areas of cooperation including product development, market development and information sharing. CBMX and SGX will also explore a medium-term roadmap towards improvement of interaction and risk-transfer between the spot and derivatives markets.

An important "first" in the global iron ore market, this landmark agreement brings together an international derivatives clearing platform with a Chinese physical spot trading platform. The physical iron ore seaborne market in Asia has seen significant growth in the last few years, driven by China’s continued industrial development and consequent demand for steel production. The derivatives market has developed alongside as the complementary risk-management and hedging tool against price volatility. SGX cleared a record 109 million metric tonnes of iron ore swaps in 2012, representing growth of almost 2.5 times over the previous year.

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