Cash and derivatives broker MF Global has expanded its over-the-counter energy brokerage in Singapore as well as its equity derivatives team in Hong Kong.
“The rapid development in the Asian Pacific theatre make the region a strategic priority,” said Larry O’Connell, the head, Asia-Pacific operations, MF Global. “As the demand for risk transfer instruments increases, our clients will benefit from a more diversified product offering in the region.”
MF Global has recruited a team of five equity derivative specialists in Hong Kong. “This team brings the experience that our clients demand and ensures that we remain a leading provider of equity related products in the Asia-Pacific region,” said Peter Lewis, head of equities and equity derivatives, Asia-Pacific and CEO, MF Global, Hong Kong. “Coupled with the current volatility in the marketplace, this new team provides MF Global with opportunities to increase the reach, scope and scale of this business.”
The company has also secured two new OTC energy broking teams comprised of nine middle distillates (jet fuel, kerosene and gasoil) and seven fuel oil brokers. The teams will service MF Global’s Asian client base and be a key component in the company’s existing global energy brokerage. The company will be able to offer its clients a full suite of services, from execution to clearing and assistance with margin optimisation and hedging strategies.
“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 Bøe, head of commodities, MF Global Asia.