GFI Group Inc. (NYSE: âGFIGâ) announced the first ever trades in its Dry Freight and UK Gas businesses on Join-the-Trade âJTTâ.
JTT is a workup functionality that allows market participants to anonymously trade large volumes for a pre-defined period of time, at the prevailing market price without the risk of distorting the market.
GFI introduced Join-the-Trade for the UK Gas market and for Dry Freight in November 2010. To date over, over 20 customers have implemented the functionality and GFI has already experienced a significant increase in market activity on those desks using JTT.
As a result of this successful launch, GFI plans to roll out JTT into other energy products in 2011, targeting early January with its role out into the Coal markets.
Luke Jemmett, GFI Group Head of Commodity Product Management said, âThe benefits if Join-the-Trade are twofold: it allows for a more transparent marketplace and it adds additional levels of liquidity to the market. This new functionality encourages orders to be worked in the open market rather than being executed bilaterally.â
Join-the-Trade for Dry Freight and UK Gas is conducted on EnergyMatch EuropeÂ®, GFI Groupâs online energy trading platform. It employs GFIâs hybrid broking strategy where experienced brokers supported by advanced technology provide both voice- and screen-based execution.