Thursday, 25 Aug 2011
Dow Jones reported that GFI Group Inc has launched iron ore swaps trading on its EnergyMatch platform in Europe amid a broad move to expand its product offerings on the platform.
According the company, it has now successfully traded a number of iron ore swap products on EnergyMatch Europe, GFI's online energy trading platform.
The move follows the July 2011 introduction of fuel oil trading on EnergyMatch Europe amid an increasing push by regulatory authorities to move trade onto electronic screens.
Mr Dorian Benson head of GFI Dry Freight Group said that "Iron Ore Swaps is another example of our focus on adding new products to EnergyMatch. We look forward to making further announcements as we continue expand our offerings."
An iron ore swap involves buying or selling at a fixed price against a floating price, like an index and is a relatively new feature of the iron ore industry. Liquidity is still an issue for the iron ore swaps market, which Credit Suisse and Deutsche Bank AG pioneered a couple of years ago.
(Sourced from Dow Jones Newswires)
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