Singapore: London’s Freight Investor Services has been named top iron ore interdealer broker (IDB) for the fourth year running by Singapore Exchange (SGX) as well as top FFA IDB in the SGX AsiaClear Awards 2012. The awards recognise FIS as the leading broker by volume for both iron ore and freight swaps in 2012.
John Banaszkiewicz, FIS Managing Director, said: “We are continuing our efforts to drive liquidity in iron ore and freight and we would like to thank our customers around the world for their continued support.”
Cleared volume for SGX’s iron ore swap contracts hit a record high of 18.2m tonnes in January 2013, beating the previous record set in September 2012 by 145,500 tonnes.
“Despite low freight rates, FFA volumes remain robust and are set to expand as more participants look to manage their freight risk using swaps,” FIS maintained in a release. [22/02/13]