SINGAPORE (ICIS)--The Singapore Exchange on Thursday said it has cleared the first US dollar-priced styrene monomer (SM) swap that references the ICIS SM CFR China Index following its launch last week.
A December swap for 500 tonnes of SM was cleared on SGX on 1 November, according to brokers.
SGX on 23 October introduced the SGX ICIS Monoethylene Glycol (MEG) swaps and futures as well as the SGX ICIS SM swaps and futures contracts “in response to strong market demand for risk management tools by the styrene and polyester industry”.
The exchange's suite of petrochemical products has grown by 67% from 1.5m tonnes in 2016 to over 2.5m tonnes to date, SGX said in a statement on Thursday.
With additional reporting by Deborah Lee