globalCOAL settles with GFI in dispute over physical coal contract

Electronic trading platform globalCOAL has fended off another attempt by a major inter-dealer broker to use its products on their own screens, after reaching an agreement with GFI to prevent any use of its Standard Coal Trading Agreement (SCoTA) on its platform.

globalCOAL settled a legal dispute with Icap in April this year, after the broker offered globalCOAL’s NEWC coal swaps on its screens.

The agreement with GFI was sealed as a court order in the High Court in London. GFI will implement measures that will ensure that SCoTA is not used as a basis for contracts on the GFI platform. Traders using the GFI trading platform must warrant that they "shall not use the Platform to execute any trades wholly or substantially based on globalCOAL's SCoTA