Tue 27 Jul 2010, 07:55 GMT

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.


Monjasa Oil & Shipping Trainee (MOST) trainees. Monjasa opens applications for global trainee programme  

Marine fuel supplier seeks candidates for MOST scheme spanning offices from Singapore to New York.

Singapore's first fully electric harbour tug. Singapore's first fully electric tug completes commissioning ahead of April deployment  

PaxOcean and ABB’s 50-tonne bollard-pull vessel represents an early step in harbour craft electrification.

Fuel for thought: Hydrogen report cover. Lloyd's Register report examines hydrogen's potential and challenges for decarbonisation  

Classification society highlights fuel's promise alongside safety, infrastructure, and cost barriers limiting maritime adoption.

Bureau Veritas and Straits Bio-LNG sign MoU. BV Malaysia partners with Straits Bio-LNG on sustainable biomethane certification  

MoU aims to establish ISCC EU-certified biomethane production and liquefaction facility in strategic alliance.

Molgas Energy logo. Molgas becomes non-clearing member at European Energy Exchange  

Spanish energy company joins EEX as it expands European operations and strengthens shipper role.

Yiannis Diamandopoulos, Elinoil. Diamandopoulos appointed CEO of Elinoil as Aligizakis becomes chairman  

Greek marine lube supplier announces leadership changes following board meeting on 5 January.

Sustainable Marine Fuel Services webinar hosted by BV graphic. Bureau Veritas to host webinar on sustainable marine fuel transition challenges  

Classification society to address regulatory compliance, market trends, and investment strategies in February online event.

Inchcape Shipping Services logo. Inchcape to provide bunkering services from new Indonesian offices  

Port agency establishes presence in key bulk and tanker operation hubs handling 150 calls annually.

CPN launch of B100 marine biodiesel supply in Hong Kong graphic. Chimbusco Pan Nation launches B100 biodiesel supply in Hong Kong  

Bunker tanker Guo Si becomes Hong Kong's first Type II certified vessel for pure biodiesel operations.

Vox Apolonia vessel. Van Oord completes Dutch beach replenishment using 100% bio-LNG  

Dredger Vox Apolonia deposited 1 million cbm of sand at Noord-Beveland beach under Coastline Care programme.





 Recommended