General Announcement::SGX named "Financial Metals Service Provider of the Year" at Platts Global Metals Awards
Issuer & Securities
SINGAPORE EXCHANGE LIMITED
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Date &Time of Broadcast
Announcement Sub Title
SGX named "Financial Metals Service Provider of the Year" at Platts Global Metals Awards
Submitted By (Co./ Ind. Name)
Yee Kai Pin
Effective Date and Time of the event
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Singapore Exchange (SGX) has been named "Financial Metals Service Provider of the Year" at the Platts Global Metals Awards 2017 for its leadership in transforming the industry's approach towards risk management in the steel-supply chain.
The annual awards, hosted by S&P Global Platts, an energy, metals and commodities information provider, recognise excellence in 15 categories spanning the steel, metals and mining complex. The winners were announced at a ceremony in London on 18 May.
SGX's coking coal and iron ore derivatives have been standout performers in the past year amid significant price volatility in steel raw materials. Combining coking coal futures with iron ore contracts offers participants in the downstream steel industry a robust set of tools to manage volatility in the upstream, as well as margin efficiencies from trading the "virtual steel mill" on a single, award-winning platform.
Michael Syn, Head of Derivatives at SGX, said, "We are honoured to be recognised for our leadership and innovation in enhancing risk management. In many ways, the coking coal market has now reached an inflection point, with investors and physical traders recognising the potential for hedging and trading with derivatives. Coking coal is demonstrating the early signs of success that we have seen in iron ore derivatives, which we pioneered eight years ago -- bringing us closer to a true virtual steel-value chain."
SGX's coking coal futures trading volumes have increased more than 10-fold since October last year, with open interest registering consecutive monthly record highs since the start of 2017. The exchange currently clears more than 90% of the world's iron ore and coking coal derivatives and is the primary liquid options market for iron ore.
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