From Enron to Iraq

The loss of Enron’s market-making ability in freight markets – and its 20% market share – does not seem to have adversely affected the volume of freight derivatives traded.

While volumes are difficult to pinpoint accurately, as no one body is responsible for collating such information, the Forward Freight Agreement Brokers Association (FFABA) claims around 2,500–3,000 derivatives contracts were traded in the dry cargo market in 2001. Another estimate – from David Cherrett, a trading

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