Mercuria Asks UK Court to Void Baltic Exchange Tanker Rates
Photo: TokenPost
Mercuria is asking the UK High Court to invalidate Baltic Exchange tanker-rate assessments published since early March, challenging a benchmark used to price and hedge derivatives worth billions of dollars. The dispute centers on TD3C, the exchange’s flagship tanker-route index. Mercuria argues that traffic through the Strait of Hormuz fell sharply after the U.S.-Israeli war with Iran began and Iran claimed it had imposed a blockade. The trader says the exchange should have stopped publishing the rate. The Baltic Exchange says short stretches with little or no activity on a route are not unusual.
Source: TokenPost
