GlobalCoal to take Icap to court

Coal-trading platform GlobalCoal is set to take broker Icap to court over a product-licensing dispute related to its Australian coal derivatives index.

The trouble began on November 28 after Icap announced to the market that it was broking an index for Australian coal derivatives. GlobalCoal believes that this is a breach of its product licence agreement (PLA), which specifies that globalCoal products cannot be used in a screen trading environment.

The e-trading platform has given notice to Icap

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