Tue 27 Jul 2010 07:55

MF Global brokers lined up for Spectron move - source


Fuel oil swaps brokers are reported to be set for a move to rival firm Spectron.



A number of brokers who resigned from the fuel oil swaps desk of the futures and options brokerage MF Global earlier this month are set for a move to Spectron Group Ltd, according to risk management publication Risk.net.

The news follows reports over the last few days that eight brokers from MF Global's nine-man fuel oil desk in London resigned from their posts earlier in July with the remaining member also expected to leave soon.

According to industry sources, the spate of departures may have been linked to a pay issue after MF Global recently changed its bonus scheme.

Rival firm Spectron operates a global marketplace for energy and environmental products from its offices in London, Singapore, Frankfurt and across the US. The company acts as an intermediary broker in the gas, electricity, oil, coal, metals, weather, petroleum and environmental products markets.

Founded in 1988, Spectron trades more than $500 billion of products per year.

Following the recent wave of resignations, MF Global confirmed last week that its London fuel oil desk would continue operating.

Less than a month ago, the company closed its Asia fuel oil broking desk in Singapore following the departure of all six of its brokers.

The office closure came just a few months after the appointment of Jon S Corzin, former Chairman of Goldman Sachs and governor of New Jersey, as new Chairman and Chief Executive of MF Global in March 2010.

Following the appointment of Corzin, MF Global announced that it would be cutting its workforce of around 3200 by 10-15 percent, stop new hiring, reduce compensation, and postpone or eliminate initiatives that were not fundamental to the future direction of the business.

Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.

Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.

Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.

Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

Stanley George, VPS Group Technical and Science Manager, VPS. How to engineer and manage green shipping fuels | Stanley George, VPS  

Effective management strategies and insights for evolving fuel use.

Sweden flag with water in background. Swedish government bans scrubber wastewater discharges  

Discharges from open-loop scrubbers to be prohibited in Swedish waters from July 2025.

The ME-LGIA test engine at MAN's Research Centre Copenhagen. MAN Energy Solutions achieves 100% load milestone for ammonia engine  

Latest tests validate fuel injection system throughout the entire load curve.

Terminal Aquaviário de Rio Grande (TERIG), operated by Transpetro. Petrobras secures ISCC EU RED certification for B24 biofuel blend at Rio Grande  

Blend consisting of 24% FAME is said to have been rigorously tested to meet international standards.

Avenir LNG logo on sea background. Stolt-Nielsen to fully control Avenir LNG with acquisition  

Share purchase agreement to buy all shares from Golar LNG and Aequitas.

Seaspan Energy's 7,600 cbm LNG bunkering vessel, s1067, built by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. Bureau Veritas supports launch of CIMC SOE's LNG bunkering vessel  

Handover of Seaspan Energy's cutting-edge 7,600-cbm vessel completed.


↑  Back to Top