We’d like to remind members that the new Baltic Code went live on 6 April. Members are advised to familiarise themselves with the new version should they have not already done so.
The new Baltic Code
The new Code looks to better reflect the compliance and operational challenges created by constantly evolving legal, regulatory and policy in all jurisdictions where Baltic Exchange members operate or do business.
Written with input from both the Baltic Membership Council and Baltic Exchange Council and reviewed by the wider membership, ‘Our Word Our Bond’ remains at the core of the new Code.
The objectives of the new Baltic Code are to:
1. Preserve confidence in and the integrity of physical freight and freight derivative markets.
2. Establish and execute ethical business practices and eliminate poor practices in these markets.
3. Ensure the role of the Baltic Exchange remains at the centre of these markets.
Underpinning the new Baltic Code is set of universally accepted set of principles and good practices that will be applicable not only to members but also to any physical freight and freight derivatives market participants.
It is therefore built around five key principles:
1. Integrity of Markets
2. Fairness and Competition
3. Ethical Business
4. Good Market Conduct
5. Robust and Credible Benchmarks
The new Baltic Code is now available on the Baltic website and can be viewed here.