New York, 14 September 2009 

GFI Group has established an Iron Ore Swaps desk based in London and Singapore. 

Iron Ore Swaps are an effective hedging instrument to manage physical iron ore risk. The desk will help enable mining companies and steel producers to manage their future hedging requirements. These swaps are currently cleared on SGX and LCH.

The desks will be headed by John Wright in London and Toby Joyce in Singapore. John, a former Chairman of the FFABA*, joins GFI from Cargill where he was trading FFAs in Geneva. Prior to this John held various senior positions at NYMEX and GFI. Toby has been on the GFI’s Dry FFA desk in London for the past five years. He was previously a broker with FIS, Howe Robinson, and Carr Futures.

Julian Swain, Managing Director London stated: “Iron ore swaps will promote price transparency for market participants. The new desk will compliment our existing presence in our Dry Freight, Coal and Metals.

This new addition to the trading floor further strengths GFI’s global commodities offering, serving clients from New York, London, Houston, Singapore, South Africa and Hong Kong.

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www.GFIgroup.com