The Baltic Exchange is pleased to announce two new appointments to the Baltic Index Council (BIC), the governing body which provides effective scrutiny of the Baltic on all aspects of its benchmark determination process in accordance with the IOSCO Principles of Financial Benchmarks.

Baltic Exchange members Ted Atkinson (Arrow Chartering UK Ltd) and Viral Shah (RWE Supply & Trading GmbH) have been elected and joined the Council on 1 August 2019. The move follows a call for nominations for Market Representatives to serve on the BIC.

Ted and Viral will join re-appointed Council members, Stefan Albertijn (OFICON), Nico Borkmann (Braemar ACM Shipbroking) and John Banaskiewicz (Freight Investor Services).

Baltic Exchange Chief Executive, Mark Jackson, said:

“Ted Atkins has previously acted as Dry Panellist Representative on the BIC and Viral Shah sits on the Baltic European Advisory Council, they are both very experienced and I look forward to their support and guidance alongside Stefan, Nico and John in ensuring that Baltic Exchange indices are of the highest quality.”

“I would like to thank both Betina Goodall and Chris Reilly, who have stepped down from the council, for their contributions, insight and commitment over the past three years. Through their participation in the Council they have assisted the Baltic in achieving many of the goals originally set out, raising both the profile of the indices and the market’s confidence in our products.”

Going forward Baltic Exchange Information Services (BEISL) is seeking to be regulated by the Financial Conduct Authority (FCA) under its Benchmark Regulation (BMR). The BIC will form an integral part of the governance process required by BMR.

The BIC comprises five representatives of the appropriate segments of the market (Market Representatives) – including at least a dry bulk, a wet bulk and a shipping derivatives broker panellist – and one director of the Board of the Baltic or of one of the Baltic’s subsidiaries.  Each Market Representative serves a term of three years, which may be renewed for subsequent terms of three years each.