New article
[First published: Tuesday 22 July 2008 10:01:05 am]
The International Maritime Exchange, part of the Imarex Group (OSE:IMAREX) has handled the first ever Options transaction on the Baltic Dry Index (BDI).
The BDI Options contract traded on 22st July for Q409 with a strike of 9500 was instantly cleared at NOS Clearing – the pioneer in clearing and settlement of freight derivatives.
“BDI Options were launched for trading and clearing on Monday 21st July, and the day after we did the first trade – the first of many to come we believe,” says Ola Strand Andersen, Head of Freight Options at Imarex.
Imarex BDI options are structured as monthly Call and Put options for the term of rolling 48 months forward. The contracts are “Asian” style, which means that all BDI options will be settled against the arithmetic average of the Baltic Dry Index over the number of Index Days in the month with automatic exercise by NOS.
“The market has reacted very positively to both the BDI Futures and the BDI Options from Imarex – I think it shows that we are out in front when it comes to product innovation in this market”, concludes Andersen.
BDI Options are available to members of NOS Clearing on the IMAREX trading screen and via participating prime brokers and General Clearing Members.
For more information please contact you nearest Imarex office - http://www.imarex.com/home/contact_us
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