Imarex, the operator of the International Maritime Exchange, an authorised and regulated marketplace for trading and clearing of maritime derivatives contracts, has recruited Justin King f
Imarex, the operator of the International Maritime Exchange, an authorised and regulated marketplace for trading and clearing of maritime derivatives contracts, has recruited Justin King from Icap to join its tanker derivatives desk in Oslo.
King comes to Imarex with 18 years experience in the London financial market, starting as an interest broker with Tullett & Tokyo and subsequently running the firm’s financial futures desk on the Liffe floor. After several years running a futures and options desk at Man Financial, King returned to Tullett to set up a shipping derivatives desk in 2004, then moved to ICAP last year.
‘Clearly, Justin brings a wealth of knowledge of financial instruments and market dynamics to Imarex,’ says Oslo-based Herman Michelet, who founded Imarex in 2000 and became chief executive of the exchange business in May this year.
‘I am more than pleased to join Imarex, the spiritual home of tanker forward freight agreements,’ King says. ‘I have spent years competing against Imarex, but as they say, when you can’t beat ’em, join ’em!’
Imarex Nos, based in Oslo with subsidiaries in Singapore, London, Houston and Stavanger, holds strategic investments in subsidiary companies that enable international commodity traders to research, execute and settle derivatives transactions.
The group owns two exchanges, a clearing house, various brokerage groups and a research operation, all focusing on commodity derivatives markets. Its customers include banks, oil majors, power generators, ship owners and hedge funds.
The exchange allows principals in the freight and bunker fuel oil derivatives market to trade financial futures contracts linked to ocean freight rates and the price of fuel for tankers and for dry bulk vessels on an electronic trading platform. All trades are cleared directly with the Norwegian Futures and Options Clearing House.
The group provides research, transaction and settlement services for financial derivatives based on ocean-going freight, heavy fuel oil, electric power, airborne emissions and farmed salmon. Its exchange and clearing house are licensed by the Norwegian Ministry of Finance and regulated by the Financial Supervisory Authority of Norway.
