SSY Futures, part of UK broker Simpson Spence Young, has announced that it has formed a new partnership with Green Tiger Markets (GTM) making an entry into the Asian utility scene.
SSY Futures is best known as a dry nulk and freight derivatives brokerage. However, it has also been expanding its energy business targeting gas and power contracts. The new partnership will allow GTM to act as the exclusive broker to SSY’s over-the-counter (OTC) electricity platforms in the Philippines and Singapore.
Since its formation in 2020, GTM has been building a proprietary platform which can offer a range of financial services and market intelligence for the expanding Philippines and Singapore electricity markets.
The Philippines power market, the 12th largest in the world, is dominated by fossil fuels such as coal imports from nearby Indonesia. GTM can assist participants in the spot market to balance physical supply and demand, as well as assisting electricity suppliers analyse the forward price for electricity.
GTM is also planning to expand its trading operations to the Singapore electricity market where it sees insufficient price risk management tools available to market participants to facilitate term hedging, load shape hedging, and dynamic rebalancing of hedges.