Standard Chartered sets up commodity derivatives desks

Standard Chartered has set up commodity derivatives desks in London and Singapore as part of a move to strengthen its global rates and foreign exchange business.

The London-based team comprises six people hired from Commerzbank, headed by Jeremy East, formerly global head of Commerzbank’s precious metal business. East, who moved over to Standard Chartered on May 22, reports to Will Shropshire, head of global commodity derivatives at Standard Chartered. East is also an adviser to the Shanghai Metals Exchange. The Singapore-based team is made up of five traders and four marketers.

“Today, across our extensive network, we have clients who are producing, exporting, importing and consuming oil and metals as well as traditional agricultural commodities," said Shropshire. Commodity derivativesallow us to help manage price risk for our corporate clients exposed to these volatile markets.”

The commodity derivatives team covers financial instruments based on the prices of precious metals, base metals, energy and soft commodities.

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