EEX Group has successfully novated all remaining 2018 – 2024 positions in Dry Bulk Freight FFA from LCH Ltd. to its clearing house European Commodity Clearing (ECC). According to the Group, the novation marks yet another significant milestone in its strategy to expand in globally traded markets.
In total, 31 220 lots from 2018 onwards were transferred to ECC, significantly expanding EEX Group’s customer base and depth of liquidity in the freight sector. Following the novation, EEX Group’s freight portfolio now includes the full suite of dry bulk freight contracts thereby substantially increasing the open interest in freight options at ECC and extending the coverage to include all of the most widely traded products.
Speaking on the novation, Dr. Egbert Laege, Member of the EEX Management board, commented; “The novation underlines our commitment and ambition in this market. Our expanded portfolio and customer base in conjunction with our increased liquidity will bring considerable benefits to both our newly novated customers as well as our existing customer base.”
EEX Group’s established presence in Europe, Asia and North America, ensures that it is ideally placed to lead further growth in the dry bulk freight derivatives market with an established network of brokers and a technical and regulatory offering which enables organisations across all geographies to access the benefits of the group’s clearing service easily and efficiently.
Read the article online at: https://www.drybulkmagazine.com/material-handling/21112017/eex-group-finalise-transfer-of-lch-contracts/