LondonMercuria sues to void the Baltic Exchange’s Hormuz tanker rate.
Traders price billions of dollars in derivatives off the Baltic’s freight rates.
The TD3C benchmark prices 270,000 tonnes of Gulf crude bound for China from brokers’ estimates, not actual prices.
The Baltic says some ships still transited Hormuz and its brokers kept supplying rates.
The English High Court hears the case from Monday.
How each outlet framed it
- Financial Times News
- frames the case as a test of whether a benchmark index should halt during war, citing the Baltic's opaque, infrequent-trade pricing that makes its rates load-bearing for derivatives
Sources: Financial Times News