Leading freight and commodity derivatives brokerage, Freight Investor Services, has signed up as a Broking Member of Cleartrade Exchange, the electronic global market place dedicated to the OTC freight and commodity derivatives markets.
FIS has deployed the Cleartrade Exchange broking screen to all in-house desks and has integrated Cleartrade Exchange’s order and credit management functionality into its processing of OTC FFA trades given up for clearing.
John Banaszkiewicz, Managing Director of Freight Investor Services said: “As one of the leading brokers in the dry FFA, iron ore and steel swaps and fertilizer markets, we have been seeking to enhance our services through the implementation of screen trading with our clients.”
He adds: “With dry FFAs almost 100% cleared, we need a system which allows executed trades to go straight through to the clearing houses, removing risk and speeding up transaction times from hours to seconds. Cleartrade Exchange does this uniquely well: it is a powerful new tool for the freight derivatives market.”
Cleartrade Exchange provides participants in freight and commodity markets with electronic order input, management and processing of OTC swaps with straight-through processing to nominated clearing houses.
Richard Baker, Managing Director of Cleartrade Exchange said: “We are delighted to welcome FIS as the first client signed up and trading on the Cleartrade Exchange platform. Our work with FIS is a good demonstration that the Cleartrade platform can be implemented with confidence in demanding hybrid phone and screen broking environments, with user access through existing IT infrastructure.”
Cleartrade Exchange is continuing to sign up members from the commodity trading, broking finance and clearing communities to deliver improved post-fixture processing and credit risk management.