Freight Investor Services Executes First Trades on Cleartrade Exchange
Freight and commodity derivatives brokerage, Freight Investor Services (FIS), has signed up as a broking member of Cleartrade Exchange, the electronic global market place dedicated to the over-the-counter (OTC) freight and commodity derivatives markets.
FIS has deployed the Cleartrade Exchange broking screen to all in-house desks and has integrated Cleartrade Exchange’s order and credit management functionality into its processing of OTC forward freight agreement (FFA) trades given up for clearing.
John Banaszkiewicz, managing director of FIS, said: “As one of the leading brokers in the dry FFA, iron ore and steel swaps and fertiliser markets, we have been seeking to enhance our services through the implementation of screen trading with our clients. With dry FFAs almost 100% cleared, we need a system which allows executed trades to go straight through to the clearing houses, removing risk and speeding up transaction times from hours to seconds. Cleartrade Exchange does this uniquely well: it is a powerful new tool for the freight derivatives market.”