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Baltic Exchange is approached by Singapore Exchange over possible tie up
THE Baltic Exchange Ltd, which publishes shipping rates from brokers from its base in London, has entered into talks with Singapore Exchange Ltd in relation to an "attractive proposal" from the Asian bourse, SGX.
The Baltic Exchange said in a statement that it will "retain its current ethos as a membership organisation", reports Bloomberg. Along with SGX, the Baltic Exchange will meet with members and industry participants in the coming weeks.
"The proposed transaction would further strengthen the links between London and Singapore, two of the world's leading maritime business hubs," said Baltic Exchange chairman Guy Campbell.
Although, the details of the proposed deal are sketchy, the Baltic Exchange is expected to keep its head office in London, where it has built a platform to allow traders of freight derivatives to buy and sell the contracts. SGX would continue to allow other organisations to clear such deals and freeze its own costs for doing so for five years, the statement said.
While the Baltic Exchange is well known among commodity and oil traders for its role in publishing freight costs, it is tiny compared with other exchanges. It had revenue of US$8.8 million in the year to March 31, 2015, according to its website.
The Baltic Exchange said in a statement that it will "retain its current ethos as a membership organisation", reports Bloomberg. Along with SGX, the Baltic Exchange will meet with members and industry participants in the coming weeks.
"The proposed transaction would further strengthen the links between London and Singapore, two of the world's leading maritime business hubs," said Baltic Exchange chairman Guy Campbell.
Although, the details of the proposed deal are sketchy, the Baltic Exchange is expected to keep its head office in London, where it has built a platform to allow traders of freight derivatives to buy and sell the contracts. SGX would continue to allow other organisations to clear such deals and freeze its own costs for doing so for five years, the statement said.
While the Baltic Exchange is well known among commodity and oil traders for its role in publishing freight costs, it is tiny compared with other exchanges. It had revenue of US$8.8 million in the year to March 31, 2015, according to its website.
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