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The US-bank’s iron ore derivatives trading business has been decentralised from its former hub in Hong Kong, with Jefferies now offering iron ore brokerage and trading services from its offices in Hong Kong, London, Chicago and New York.
The company’s Hong Kong desk, led by former Clarkson’s iron ore derivatives and freight broker Kerry Deal, stopped trading and broking activities in late May, sources close to the bank told Steel First.
Deal and fellow ex-Clarksons broker Benjamin Beng have left the company, a source at the bank confirmed.
“We are taking a broad, customer driven view of how this market should be covered,” the source told Steel First.
Jefferies, which was acquired by conglomerate Leucadia earlier this year, set up its iron ore desk in July 2012 with three dedicated iron ore derivatives brokers – Deal, Beng and Yvonne Tang – from the Hong Kong office of freight brokerage Clarksons.
The bank started broking iron ore derivatives in October 2012.
US-based investment bank Jefferies has restructured its iron ore derivatives business, Steel First understands.