The Baltic Exchange has a rival when it comes to forward freight agreements (FFAs).
Spearheaded by John Banaszkiewicz, the Independent FFA Association (IFFAA) has just been formed to coordinate and promote the interests of individuals and companies active in FFAs and related freight derivative products. Banaszkiewicz is the head of London-based Freight Investor Services, one of the best known brands in the derivatives business.
The new IFFAA website states its mission is to provide a unique venue for open and unbiased discussions on issues and developments in FFAs, as well as to foster and promote transparency, liquidity and fair competition while providing members with coordination and a common voice in their dealings with exchanges, clearers, policy makers and regulators.
A kick-off dinner meeting will take place in Geneva in February. An annual founders’ membership fee of £100 ($122) per person will be charged to join the association.
