Fortis Bank is expanding its commodity derivatives team in London. To enhance the commodity brokerage operations in the agricultural sector the bank has acquired the services of six cocoa, coffee and sugar brokers, formerly with Credit Lyonnais Rouse, part of the Calyon group, to work alongside the existing team.
This new group will report to Christopher Johnson who joined Fortis in February as head of agricultural commodities. In addition to the expansion of the front office team, Fortis has expanded its support teams and electronic trading platform.
Ian Downes, head of Fortis Commodity Derivatives says: “The global commodities group within Fortis Merchant Banking has long been recognised as a key and major player in commodity finance and Fortis Commodity Derivatives seeks to service all of the derivative requirements of our bank’s clients. We operate as outlined above in the agricultural commodities markets and also in the base and precious metals derivatives arena. The base and precious metals team is headed by John King, acts as a market maker and provides the full suite of base and precious metals derivative products.
“The expansion in both of these activities over the last year represents the next stage in our development with the ultimate aim of being both the commodity finance and commodity derivative bank of choice for our customers and the wider market.”
Fortis also operates in the energy and environmental derivatives markets from its offices in Brussels, Amsterdam and in New York.