GFI Group Inc. (NYSE: “GFIG”) announced today that it is the first broker to execute an electronically traded Iron Ore Swap which cleared at the Singapore Exchange “SGX” using STP (straight through processing). The trade was executed on GFI’s trading platform for energy and commodities – EnergyMatch® Europe. In addition to iron ore swaps, GFI also offers dry freight FFAs and Coal Swaps for clearing via STP into SGX.
Toby Joyce, GFI Group Head Broker of Iron Ore Swaps in Singapore stated: “We are very pleased to be the first to offer this service for iron ore swaps. This allows us to increase the speed and efficiency in the trade capture process and to reduce operational and settlement risk. We have worked hard with iron ore swaps clearers and Trayport to provide this enhanced service to our clients”.
Singapore Exchange (SGX) offers its clients Asia’s broadest span of equity index derivatives, uniquely centered on Asia’s three largest economies – China, India and Japan. In addition, it offers a fully integrated value chain from trading and clearing, to settlement and depository services, SGX is also Asia’s pioneering central clearing house.
STP provides traders with greatly shortened processing cycles, faster trade capture, reduced settlement risk and mitigates manual trade input inefficiencies.
