SSY Futures, the derivatives arm of shipbroking group SSY, has launched a dedicated sales and execution desk for agricultural derivatives.
The desk will focus initially on grains, oilseeds and soft-commodity derivatives.
It follows the successful growth of iron ore derivatives, for which SSY Futures executed milestone volumes in November when it rolled a 5m-tonne position from a 2023 prompt date into 2024, generating a total futures volume of 10m tonnes.
The new grains offering will be operated from SSY’s London headquarters and will be headed up by commodities veteran Andrew Rechten, who previously held roles at Merrill Lynch, JP Morgan, Macquarie and SEB Bank.
Rechten will be joined on the team by agri commodities specialists Francois Churland and Owen Scrimgeour.
Jamie Pearce, partner and global head of SSY Futures, said he was “delighted” to be expanding the company’s reach.
“As one of the leading players in commodity derivatives, it’s important that we continue to evolve our portfolio so our clients can access the widest possible range of commodities,” he said.
Rechten said that SSY’s global network and brand would be key to the new business’ success.
“By leveraging SSY’s scale and size, we will be able to better serve our clients’ needs through enhanced market intelligence solutions, state-of-the-art execution infrastructure and information flow, in addition to seamless 24-hour ‘follow the sun’ coverage,” he added.
