CHICAGO, July 20, 2016 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced that the first Aluminum A380 Alloy (S&P Global Platts) futures contracts were traded on Tuesday, July 19, 2016. A total of 50 futures contracts were traded across the August through December 2016 contract months.
"We're pleased to see early support for our new Aluminum A380 Alloy (S&P Global Platts) futures contract," said Young-Jin Chang, CME Group Executive Director, Global Head of Metals Products. "Working with the industry we believe we've introduced risk management tools that better reflect the way commercial customers price their physical contracts based on the Platts assessment of A380 alloy. This new contract provides our customers with an effective and transparent solution for hedging aluminum alloy price risk."
"We're excited to have traded these new aluminum A380 alloy contracts," said Andre Marshall, Founder, Crunch Risk, LLC. "We've seen a great deal of commercial interest in these new aluminum alloy contracts and are optimistic that this latest innovation from CME Group can replicate the growth and success of the Midwest and European contracts as participants become more familiar with using them to manage price risk in their business."
Aluminum A380 Alloy (S&P Global Platts) futures are 44,092 pounds (equivalent to 20 metric tons) in size and financially settled against the S&P Global Platts assessment of the MW US A380 Alloy.
For more information on CME Group's metals products, please visit www.cmegroup.com/metals.
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. Around the world, CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its exchanges based in Chicago, New York and London. CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing and CME Clearing Europe, which offer clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives. CME Group's products and services ensure that businesses around the world can effectively manage risk and achieve growth.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.
SOURCE CME Group