Tullett Prebon forms wet freight derivatives venture

Forward freight agreements (FFAs) are paper contracts based on any agreed shipping route fixed against the Baltic index, which allows market participants to trade against volatility in the underlying freight market.

Tullet says the move will bring together the experience of its existing inter-dealer broking business with the physical shipping expertise of three ship-broking companies, London-based Capital Shipbrokers, Island Shipbrokers in Singapore and MJLF of Stamford, Connecticut.

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