Date: May 15, 2013
Source: Futures Daily

　　The iron ore futures contract for electronic trading of CME Group was officially listed for trading yesterday, which is the second iron ore futures contract in the global derivatives market this year. On April 12, Singapore Exchange (SGX) launched the first iron ore futures contract with the reference of prices of the 62% grade iron ore at Tianjin Port, China, by way of cash settlement.
　　It is learnt that the ticker symbol of CME’s iron ore futures contract is TIO, with the contract size of 500 tons per lot, quotation unit of cent per ton, and tick size of 1 cent per ton. The contract of successive 12 months has been launched and the trading time is from 6:00 a.m. to 5:15 a.m. of the next day – continuous trading of 23 hours and 15 minutes each day. The delivery of the expiring contract will be settled in cash by referring to the TSI 62% iron index.