SINGAPORE, May 24 (SMM) – The opening of the Dalian Commodity Exchange's iron ore futures contract to international participants created "win-win" opportunities for Singapore and the SGX, said Singapore's Senior Minister of State for Trade & Industry and Education, Chee Hong Tat.
"Companies based in Singapore can seamlessly participate in both exchanges, strengthening our mutual linkages and connectivity," he told delegates at the Singapore Iron Ore Forum on Thursday May 24.
SGX cleared over 1.7 billion mt of iron ore derivatives in 2017 and accounted for over 95% of the international market for such derivatives.
SGX chairman Kwa Chong Seng said that he expects the interaction of the markets in China and Singapore "to bring about greater benefits for the enlarged marketplace".
"The winners will be those who are able to bridge the onshore domestic retail liquidity, with the deep informational value rising from wholesale participation on SGX," he added.
"We look forward to playing a complementary role with China – to elevate the ecosystem, drive greater market vibrancy and transparency, and grow the overall market," Kwa said.
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