For the past year the Baltic – working with Norton Rose Fulbright – has been reviewing the Code with the aim of updating it to better reflect the compliance and operational challenges created by constantly evolving legal, regulatory and policy in all the jurisdictions where Baltic Exchange Members operate or do business.
The result has been written with input from both the Baltic Membership Council and the Baltic Exchange Council and reviewed by the wider membership.
“Our Word Our Bond” remains at the heart of what the Baltic Exchange and its global membership stand for, it also remains as the basis for 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 principals:
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 will be applicable from 6 April 2020, giving time for members to acquaint themselves with it.
Read the new Baltic Code here.