NEW FFA BROKERS' ASSOCIATION CHAIRMEN
Dorian Benson of GFI Brokers and Andrew Jamieson of ACM-GFI have been elected chairmen of the FFA Brokers’ Association (FFABA) dry and wet sections respectively for 2010.
The pair replace Chris Reilly of BRS and Andre Berry of SSY Futures who served as FFABA chairmen for 2009.
Commenting on his appointment Dorian Benson said:
“These are interesting and dynamic times for dry FFAs. The market has survived the financial crisis of 2008 and is once again finding traction as an important cog in the commodity wheel for financial institutions while maintaining an integral position in the field of risk management for those with exposure to freight market fluctuations. With the likes of the London Metal Exchange looking to play a role in this sector, it is important that the brokers and users unite to ensure that any change is for the greater good of the market.”
He added:
“Issues such as liquidity, counterparty exposure, the professionalism and efficiency of clearing are a constant and require monitoring. The increased use of screens as an execution tool – whilst an exciting and important development – have the potential to cause hitherto unforeseen problems. It is of the upmost importance that screen trading is managed in such a way as to breed greater liquidity rather than fragment the market. 2010 may well see the freight derivatives sector gain greater prominence in the eyes of regulators and it is essential that any fresh ideas and concepts are managed and discussed in an open, professional and forthright manner.”
Andrew Jamieson said:
“I am very much looking forward to fulfilling the chairmanship of the FFABA in what I perceive to be a pivotal year in the market’s development. As chairman my primary goal will undoubtedly be to bring a viable $/day product to the market. It seems for years that market participants have talked endlessly about this, but have stalled in finding the solution. I feel more formal discussions and support from all participants on this issue is a must if we are to grow this market and make it a more viable global risk management tool.”
The FFABA promotes best practice in the trading of forward freight agreements (FFAs) and works closely with the Baltic Exchange in the production and development of indices and assessments for use as settlement mechanisms for shipping derivative contracts. The FFABA members provide FFA volume data to the Baltic Exchange.
The association is made up of 20 freight derivative broking companies:
Banchero Costa, BGC Partners, BRS Futures, Clarkson Securities, Eugene Futures Co, Freight Investor Services, GFI Group, HSBC Shipping Services, ICAP Shipping, Ifchor SA, IMAREX, McQuilling Brokerage Partners, Mallory Jones Lynch Flynn
Pasternak Baum & Co Inc, Tullett Prebon (Europe), Samsung Futures Inc, Simpson Spence & Young, Tradition Financial Services, Woori Futures, Yamamizu Shipping.
ENDS
For further details please contact Bill Lines, Navigate PR
T: +44 (0)20 7369 1653 E: blines@navigatepr.com
Note to editors
Dorian Benson
Career History
1995-1997 – Wigham-Richardson Shipbrokers, London
Dry Cargo Shipbroker
1997-1998 – Trans-Tec, Cape Town
Bunker broker
1998-1999 – Odyssy Shipbrokers, Cape Town
Dry Cargo Shipbroker
1999-2002 – SSY Shipbrokers, London
Dry Cargo Shipbroker
2002-2004, SSY Futures, London
Dry FFA Broker, culminating in the position of Senior Director
2004-Present, GFI Brokers Ltd
Global Head of Dry FFA’s
Andrew Jamieson
2004-2007 – Broker ACM-GFI Tanker FFA Desk (London)
2007-2008 – FFA Trader Trafigura (London)
2008-pres - Broker ACM-GFI Tanker FFA Desk (London)
The Baltic Exchange
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 570 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.
