GFI Group Inc. (GFIG on NASDAQ) has expanded its Newcastle FOB coal derivatives coverage in both London and Singapore. This extends GFI's coal derivatives coverage to the Asia-Pacific region, complementing its growing physical coal broking business there.
Katherine Saw, previously a GFI precious metals broker, has moved from Sydney to strengthen the London coal desk. Ms Saw will work closely with GFI's new Singapore coal desk, headed by Fergus Duncan - another internal GFI appointment with 18 years' broking experience in London, Tokyo, Sydney and Singapore.
Both appointments will contribute to the development of the Newcastle FOB derivatives market in Asia and Europe.
"Newcastle FOB swaps are an efficient way to manage basis risk", said Steve McMillan, GFI's senior managing director, Europe. "There is a great demand for them here in Europe and in due course we expect our Far East clients to tap in to the liquidity that should develop."
Energy Risk magazine regularly names GFI Group as a top coal derivatives broker in its annual inter-dealer rankings.