Singapore, London: Cleartrade Exchange, the global electronic marketplace for freight and commodity derivatives announced today several significant milestones in its growth strategy.
Cleartrade Exchange has seen a significant uptake of its price discovery screen since its launch on 2nd June, with over 100 users across the world.
Just a week after the launch the exchange has reached another major milestone, admitting a critical mass of authorised (principal trading) members for live trading on the marketplace. These principals are now entering bids and offers, can hit and lift orders and are being represented on the market by their brokers. Interest in iron ore, fertilizers and FFA (Forward Freight Agreement) prices has been very strong, in particular from the US and China. The Cleartrade Exchange marketplace is now seeing over 600 expressions of interest, bids and offers per day across all three asset classes, resulting in a robust forward curve for price discovery and a steady flow of executed trade.
Following the announcement of connectivity to LCH Clearnet on 7th February, Cleartrade Exchange has just gone live with SGX Asiaclear and NOS Clearing. The exchange now has full connectivity to three key clearing houses, and trades matched on the Cleartrade Exchange can be processed for clearing at all of them.
Richard Baker, CEO of Cleartrade, said: “We are delighted with the momentum of trading on Cleartrade Exchange, and with reaching several important milestones: having over 100 users for our price discovery screens, admitting authorised trading members and the new connectivity to SGX and NOS Clearing. These are all significant developments and an excellent demonstration of our commitment to bring to the market a complete and innovative multi-commodity OTC solution, from execution to clearing.”