JPMorgan Securities Limited (JPMorgan) has been approved as a General Clearing Member (GCM) of the International Maritime Exchange (IMAREX).
IMAREX, together with NOS Clearing, is part of the IMAREX NOS group, which operates a hybrid exchange concept combining electronic trading of cleared and over the counter (OTC) commodity derivatives with the expertise of in-house derivative brokers. The group serves markets including Freight, Fuel Oil, Nordic and European power and emissions derivatives. Imarex NOS globally from offices in Oslo, Singapore, Houston, London and Stavanger.
JPMorgan is one of the fastest growing investment banks in commodity trading and clearing, and the GCM status at IMAREX will position the bank as one of the leading clearers in the fast growing freight derivatives market.
‘JPMorgan is a leading clearer in commodities worldwide and we are very pleased to have secured their membership,’ says Hanne Johansson, VP Commodities of NOS Clearing in Oslo. She adds: ‘NOS has been a leading clearing house for freight since we started in 2001, and JPMorgan’s membership is a major step forward in building further liquidity for the freight market.’
NOS Clearing has an estimated 70% market share in the freight derivatives market which is now valued at over USD 60 billion per year. The main market participants are ship owners, commodity and energy traders, oil refiners, banks and hedge funds.
Jerome Kemp, global co-head of JPMorgan’s Futures & Options businessm, says: "We are delighted to have joined IMAREX as a General Clearing Member. This offers our clients exciting opportunities in the commodity freight market and is a further endorsement of the continued expansion of our global commodities business."