Enmore Investment Group (Shanghai) Co. ltd, today announces that its Energy & Commodities business has entered into a joint venture (“JV”) in China with the world’s largest interdealer broker, TP ICAP.
The JV, will be called Enmore Commodity Brokers (Shanghai) Co. Ltd (“ECB”), and will be based in Shanghai offering professional intermediary services in the Chinese OTC, cleared and physical commodities markets. ECB’s first desks will offer brokerage services in Iron Ore, Coal (bulks), LPG and Naphtha (light ends) with the product set expanding to cover further commodity products over time. ECB will also offer liquidity from the TP ICAP companies – Tullett Prebon, ICAP and PVM - to its onshore clients and access offshore clients via the TP ICAP brands.
Chinese commodity markets have recently opened up following the launch of the INE crude contract. The Dalian Exchange has also opened its iron ore contract to foreign investors. TP ICAP and Enmore Investment Group both believe these initiatives will increase clients’ demands for the OTC cleared products offered by ECB.
Marco Zhang, Executive Director & CEO from Enmore Investment Group, said: “The rapid growth and huge potential of China's commodity market and its influence on the international market are obvious to the world. Enmore Investment Group, based in China, is a leading commodity trading platform and trading brokerage service provider. I am excited and looking forward to entering into the JV with the world’s largest interdealer broker, TP ICAP, which will provide Chinese clients with more liquidity and more international services.”
Aexciting initiative and a demonstration of our ambition for the Energy & Commodities business. Combining TP ICAP’s leading position as a broker in International markets with Enmore Investment Group’s strong position in China is a compelling proposition which will greatly benefit our clients.”
Additionally, as part of the agreement, TP ICAP Data & Analytics has the exclusive right to distribute all the data internationally, outside of China, from the JV.
Enmore Investment Group is a Chinese conglomerate headquartered in Shanghai and began as a commodity information service provider. Enmore’s business includes a commodity spot trading platform, financial & data services and is Asia's leading bulk chemical brokerage. It also provides cleared broking services on the Shanghai Clearing House and the Singapore Exchange. Enmore provides diversified services to vertical industry players such as producers, traders, and downstream manufacturers, as well as banks, futures companies and financial investment institutions.
TP ICAP’s global Energy & Commodities division operates three independent brokerage brands in all the key commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals, soft commodities and coal. The three brands of Tullett Prebon, ICAP and PVM are independent from each other and offer our clients three distinct, competing liquidity pools.