CORRECTING & REPLACING Singapore Exchange (SGX) to Use IHS McCloskey Idx From IHS Markit for Indonesian 4,200kc GAR Coal Futu...
January 14 2018 - 10:14PM
Business Wire
In the third paragraph, William Chin's title should read: "head
of commodities at SGX" (instead of "head of commodities at
SGW").
The corrected release reads:
SINGAPORE EXCHANGE (SGX) TO USE IHS MCCLOSKEY INDEX FROM IHS
MARKIT FOR INDONESIAN 4,200kc GAR COAL FUTURES
After rigorous market testing, the Singapore Exchange (SGX) has
chosen the IHS McCloskey Indonesia FOB (4,200kc GAR*) marker from
business information provider IHS Markit (Nasdaq: INFO) as the cash
settlement price for its Indonesian 4,200kc GAR* coal futures
contract.
The launch of SGX’s Indonesian 4,200kc GAR* coal futures
contract, which is subject to regulatory approval, will provide a
risk management tool for the most widely traded Indonesian coal
grade.
“We are delighted to be working with IHS Market on this new
product,” said William Chin, head of commodities at SGX. “This new
thermal coal contract, for which regulatory approval is pending, is
an important extension of our bulks product suite and will also add
depth to the Baltic Exchange’s existing Indonesian freight
routes.”
Accurate, independent and compliant
IHS McCloskey has been publishing the 4,200kc GAR index since
2013. The index has rapidly gained respect for its ability to track
spot market activity accurately and consequently, is increasingly
being adopted as a benchmark for physical transactions.
The IHS McCloskey Indonesian FOB (4,200kc GAR) marker is
believed to be the only Indonesian coal benchmark to have been, to
date, subjected to an external assurance review to ensure
compliance with the principles for price reporting agencies (PRAs)
set out by the International Organization of Securities Commissions
(the IOSCO Principles). The principles are designed to ensure that
a benchmark achieves a level of rigor and independence that is
trusted by leading regulatory bodies and market participants.
The IOSCO Principles minimise the vulnerability of the
assessment process to factors that could undermine the reliability
of a PRA assessment as an indicator of market values or increase
the susceptibility of a derivatives contract to price
distortion.
“Our index has become the ideal tool to manage price risk for
Indonesian low calorific coal,” said John Howland, managing
director – coal, at IHS Markit. “The index is designed to maximise
hard trade data, which is one of the main tenants of the IOSCO
principles. This is why it tracks the spot market so well, and
doesn’t lag the market, either.
“We have invested in building a team of market reporters and
editors who are respected and trusted by the industry,” Howland
said. “Their diligence and the team’s commitment to transparency
are other key factors that have supported the success of this
index.”
The IHS McCloskey index is a reliable and timely index that
covers Indonesian coal prices, reacting quickly to price
fluctuations in the market. The index follows real trades, bids and
offers, driven real time by physical market activity. Every effort
is made to make transactional data used in index calculation
available to clients.
The IHS McCloskey index is increasingly being adopted as a
benchmark for physical transactions in the Indonesian low calorific
coal market. Chinese counterparts, in particular, have been using
it on its own as or as part of a basket of prices in physical
contracts.
IHS Markit is a leading global benchmark administrator at the
forefront of changes taking place in the regulation of the various
markets in which it is active. The company has a strong history of
engaging with regulators to help navigate the evolving regulatory
landscape.
*GAR – “Gross As Received”
About IHS Markit
IHS Markit (Nasdaq: INFO) is a world leader in critical
information, analytics and solutions for the major industries and
markets that drive economies worldwide. The company delivers
next-generation information, analytics and solutions to customers
in business, finance and government, improving their operational
efficiency and providing deep insights that lead to well-informed,
confident decisions. IHS Markit has more than 50,000 business and
government customers, including 80 percent of the Fortune Global
500 and the world’s leading financial institutions. Headquartered
in London, IHS Markit is committed to sustainable, profitable
growth.
IHS Markit is a registered trademark of IHS Markit Ltd and/or
its affiliates. All other company and product names may be
trademarks of their respective owners © 2018 IHS Markit Ltd. All
rights reserved.
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IHS MarkitDan Wilinsky, +1
303-868-3807dan.wilinsky@ihsmarkit.comorPress Team, +1
303-305-8021press@ihs.comFollow @IHS_News
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