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Nasdaq launching AMM-based shred contract


Nasdaq Futures Inc (NFX) is launching a Midwest US shredded steel scrap financial futures contract based on American Metal Market’s Midwest shredded scrap index. The 10-gross-ton-lot contract is cash settled and will trade 15 months forward under the ticker symbol USSQ.

Daily settlement prices will be determined by NFX using price data from a number of sources, including the spot, forward and derivative markets for both physical and financial products.

American Metal Market is part of the Metal Bulletin Group, whose prices underpin a number of metals futures contracts worldwide – including the Chicago Mercantile Exchange’s copper cif Shanghai futures contract and the exchange’s duty-unpaid aluminium premium contract.

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