The Baltic Exchange’s electronic trading platform, Baltex, has now handled more than 100, 000 block futures since launching its new block futures facility on 1 December 2014. The system allows brokers to use LCH.Clearnet’s clearing services while helping the FFA market to adapt to the changing regulatory environment.
Baltex, which is regulated by the UK’s Financial Conduct Authority, is being used by FFA brokers GFI, Clarksons Securities, SSY Futures, ICAP and BRS to report their clients’ trades.
Baltex Chief Operating Officer Paul Stuart-Smith said: “Since LCH Clearnet reclassified its derivatives products as futures, Baltex has been quickly accepted as an easy and efficient way of allowing FFA brokers to submit trades for clearing on behalf of clients from around the world. We are delighted to be working in partnership with LCH and the FFA brokers in providing this service to the FFA market.”
Baltex members are able to track their own trades throughout the trading day and to view and export a complete list of all trades reported to Baltex at the end of the day. The list of all trades is also available on the Baltic website. The facility helps traders to satisfy their EMIR reporting requirements without compromising anonymity.
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Baltex is a central, neutral and FCA approved Multilateral Trading Facility for dry freight derivatives developed by the Baltic Exchange, the world’s only independent provider of daily dry bulk shipping indices and route assessments.
The Baltic Exchange is the world’s only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 600 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.
Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels.
Baltic Exchange services
• Independent, high quality dry, wet and gas freight market information
• Self-regulated chartering, sale and purchase and freight derivatives markets
• Central forum for competing freight market interests
• Framework ensuring high standards of business practice and co-operation
• London-based business facilities for members