GFI Group has established an iron ore swaps desk based in London and Singapore.
GFI Group has established an iron ore swaps desk based in London and Singapore.
Iron ore swaps are a hedging instrument to manage physical iron ore risk.
The desk will help enable mining companies and steel producers to manage their future hedging requirements.
These swaps are currently cleared on SGX and LCH.
The desks will be headed by John Wright in London and Toby Joyce in Singapore. Wright, a former chairman of the FFABA, joins GFI from Cargill where he was trading FFAs in Geneva. Joyce has been on the GFI’s dry FFA desk in London for the past five years. He was previously a broker with FIS, Howe Robinson, and Carr Futures.
Julian Swain, managing director London, says: ‘Iron ore swaps will promote price transparency for market participants. The new desk will compliment our existing presence in our dry freight, coal and metals.’
