ICIS, a division of Reed Business Information, part of RELX Group, is pleased to announce that as of Oct 1st 2015, Freight Investor Services (FIS) Ltd, in agreement with ICIS and Profercy, will use the olympic average of ICIS / Profercy weekly price ranges as the settlement index for FIS brokered OTC bilateral fertilizer swaps trade. This agreement will enable FIS to broker OTC bilateral contracts to be settled on the same index basis as that which is utilised by the CME exchange.
This agreement will enable FIS to broker OTC bilateral contracts to be settled on the same index basis as that which is utilised by the CME exchange and will serve to eliminate any "basis risk" of trades for the same product settling against different indexes.
The agreement means that the major brokers in the fertilizer derivatives market will now use the ICIS/Profercy index as the primary settlement index for both cleared and OTC bilateral trade. "FIS has pursued this ICIS/Profercy index agreement as we believe that it will aggregate trade around a principal common index, which will greatly improve overall liquidity and participation in the fertilizer derivatives market", said Ron Foxon at FIS Ltd.
For further information about this release, please contact:
Marketing Manager, ICIS
Direct: +1 (713) 525 2673
ICIS is the world's largest petrochemical market information provider and has fast-growing energy and fertilizer divisions. Our aim is to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions. We have more than 30 years' experience in providing pricing information, news, analysis and consulting to buyers, sellers and analysts.
With a global staff of more than 800, ICIS has employees based in Houston, Washington, New York, London, Montpellier, Dusseldorf, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth. Some 350 of ICIS’s staff are journalists engaged in reporting market prices and news, and ICIS is fully committed to upholding the highest journalistic principles of verification, corroboration and authentication. ICIS has a compliance framework that along with its methodologies and business processes adheres to the requirements of the IOSCO PRA Principles.
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