The London-based Baltic Exchange stock market, the data of which is used when setting the freight rates for the majority of all shipping, warns that a possible EU regulation of financial data, following the so-called Libor scandal, could ruin London’s status as a financial center for shipping, writes Bloomberg.
Should the EU start controlling the reports sent to the Baltic Exchange by 50 brokers, used to determine the freight rates for a total of 61 routes, it would not only make many brokers stop sending in reports, but an EU regulation could also send more maritime businesses to Asia, according to a brief from the 268 year old Baltic Exchange, which Bloomberg has been granted access to.
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