The freight derivative market is increasingly being seen as the place to complete the risk-management jigsaw – the market in forward freight agreements (FFAs) quadrupled last year. The FFA market offers an attractive hedge against volatile freight prices, but also enough arbitrage opportunities to have a hedge-fund manager in clover. But competition is cut-throat and the risk of market fragmentation is a concern. Our cover story on page 16 asks whether this market is now ready to move onto

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