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SGX clear first box swap contract

Singapore: The Singapore Exchange (SGX) has cleared its first container swap contract. A trade between Morgan Stanley and Credit Suisse, brokered by Clarksons Securities, was cleared marking the first transaction on SGX's over-the-counter box swap clearing service launched this month. "Having the SGX contracts is a positive development, especially as it brings more Asian players to the table. This is yet another step on the road to realising a fully functioning liquid container derivatives market," said Joe Radmore, vice president at Morgan Stanley. Four major container freight routes are offered as a start: Shanghai-Europe, Shanghai- Mediterranean, Shanghai-US West Coast and Shanghai-US East Coast. Final settlement of the SGX Container Swap contracts will be against the Shanghai Containerized Freight Index (SCFI) published by the Shanghai Shipping Exchange. [04/08/10]

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