Via its Citigroup Global Markets unit, Citigroup (NYSE:C) made the first transaction on the CME Group Clearport exchange with Stemcor Risk Management AG on October 10, according to Stemcor's website.
Jean-Luc Fiorenzoni, Director of Stemcor Risk Management AG, said: ”We trade iron ore swaps on a regular basis and they are an integral part of the tools we are using to manage our exposure to iron ore as well as steel price changes. There is no question that price volatility is increasing. At the same time participants in the steel industry, wherever they might sit in the value chain, need more visibility over their future returns. Cleared financial swaps offer us all an additional level of price risk mitigation as well as improved transparency.”
“This trade demonstrates the commitment of Citi to develop this market. A deep and liquid swaps market for iron ore will be instrumental for our customers’ ability to manage their exposure to this volatile market,” added Boudewijn van Vliet, responsible for iron ore, coal & freight trading at Citigroup Global Markets.
Stemcor Risk Management AG is the derivative trading unit of the largest independent steel trader in the world.
The transaction was brokered by London Dry Bulk.
1 comment:
go to my site Bonuses Discover More find click over here now Bonuses
Post a Comment