Platts spot price assessments have been chosen as the basis for CME Group's new coking coal swap futures contract, which was launched on July 25th 2011.

CME Group, the Chicago based derivatives marketplace, introduced trading and clearing services for the new contract, which is based on Platts' physical market price assessments for metallurgical coal shipping from Australian ports. Platts is a leading global energy, petrochemicals and metals information provider and a top publisher of global benchmark price references.

Mr Gerald Bueshel Platts director of global licensing said that "Platts first introduced daily price references for spot coking coal, a vital steel making ingredient, in March 2010, and we believe the ensuing robustness of the underlying physical market enable derivatives contracts such as the one launched by CME all of which facilitate the global industry's need for comparative valuations.”