Business Practice
The standards that govern how we trade.
How a merchant conducts itself is a commercial asset. Counterparties extend credit, release cargo and accept documents on the strength of a firm's reputation long before any contractual remedy becomes relevant. We manage that reputation with the same seriousness we apply to price.
Ethics and Integrity
We conduct business lawfully, honestly and consistently, in every market and under every set of local conditions. We do not offer, solicit or accept improper payments or advantages in connection with any trade, financing or regulatory matter.
These are not standards we are working toward. They are conditions of trading with us, and they apply equally to our personnel, our agents and our representatives.
Fair Dealing
We compete on the quality of our origination, our execution and our terms. Goods are represented accurately, pricing is transparent against recognised references where they exist, and we disclose material information a counterparty would reasonably expect to receive. We do not exploit informational advantage in a way that would damage a relationship we intend to keep.
Conflicts of Interest
Commercial judgement must not be compromised by personal interest. Employees are required to disclose any relationship or interest that could reasonably be seen to influence a trading, sourcing or procurement decision, and to remove themselves from decisions where that influence could arise.
Confidentiality
Counterparties share commercially sensitive information with us in the ordinary course of business — positions, requirements, pricing and margin structure. We treat it as theirs, not ours.
Raising Concerns
Any employee, supplier or counterparty who believes our standards have not been met is expected to say so. Concerns can be raised with our London desk and are handled confidentially. We do not tolerate retaliation against anyone who raises a concern in good faith.