The Baltic Exchange’s electronic trading platform, Baltex, has now handled more than 100,000 block futures since launching its new block futures facility on 1 December 2014. The system allows brokers to use LCH.Clearnet’s clearing services while helping the FFA market to adapt to the changing regulatory environment.
Baltex, which is regulated by the UK’s Financial Conduct Authority, is being used by FFA brokers GFI, Clarksons Securities, SSY Futures, ICAP and BRS to report their clients’ trades.
Baltex Chief Operating Officer Paul Stuart-Smith said:
“Since LCH Clearnet reclassified its derivatives products as futures, Baltex has been quickly accepted as an easy and efficient way of allowing FFA brokers to submit trades for clearing on behalf of clients from around the world. We are delighted to be working in partnership with LCH and the FFA brokers in providing this service to the FFA market.”
Baltex members are able to track their own trades throughout the trading day and to view and export a complete list of all trades reported to Baltex at the end of the day. The list of all trades is also available on the Baltic website. The facility helps traders to satisfy their EMIR reporting requirements without compromising anonymity.