Baltic Exchange looks for 'constructive engagement' with new broker association

The Baltic Exchange has responded to a new broker association that is concerned over data that they supply for its indices should a sale to the Singapore Exchange (SGX) go ahead.

The Baltic said it looked forward to “constructive engagement” with the newly formed Competitive Ship Brokers Limited (CSBL), which represents a number of the Baltic’s panelists.

It added it had been aware for some time that there could be benefit if the informal relationship it has with its panellists was put on a more formal footing.

“Our current discussions with panellists form part of our wider discussions with Singapore Exchange (SGX). It is our intention to agree with SGX a standard panellist contract that addresses all issues of significance for panellists (including those which have been raised by CSBL), whilst also outlining proposals to enhance the governance and independence of the Baltic,” said Guy Campbell chairman of the Baltic.

“When these proposals are finalised, we are confident they will be recognised as a welcome evolution of the status quo. We do not view this potential acquisition as a threat to panel members but rather as a very interesting commercial opportunity for them which also fully protects the interests of their principals.”

The Baltic is in exclusive discussions on a sale to the SGX which are set to end on 30 June.

Posted 14 June 2016

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

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