MF Global says expands OTC energy brokerage
SINGAPORE Feb 2 (Reuters) - MF Global Ltd MF.N said on Monday it has expanded its over-the-counter (OTC) energy brokerage in Singapore, at a time of tightening credit due to the global financial crisis.
The company also broadened its equity derivatives team in Hong Kong, it said in a statement.
In January, MF Global secured two new OTC energy broking teams with nine brokers handling gas oil, kerosene and jet fuel, and seven brokers on fuel oil.
"As a result of tighter credit in global commodities, OTC energy markets are gradually shifting towards clearing trades, effectively mitigating the counterparty risk from transactions," said Mikal Boe, managing director of Commodities in Singapore.
MF Global is a clearing member of the Singapore Exchange, Intercontinental Exchange (ICE) and New York Mercantile Exchange.
In November Reuters reported that the company was expanding its Singapore oil proucts swaps business, at a time its peers are either downsizing or closing down their crude oil and products trading desks amid a deepening credit crunch. [ID:nSP392144] (Reporting by Felicia Loo; editing by Ramthan Hussain)
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