International Metal Platform AG (“IMP”) is launching its new web-based Platform for trading physically delivered metals contracts in ferro-alloys, noble alloys and minor metals, with live trading to commence from 5 December 2022.
IMP will start accepting new User registrations for onboarding to the Platform effective from 7 November 2022.
The Platform has been built in collaboration with London-based technology provider, Sinara Consultants Ltd (“Sinara”), leveraging its SinaraTLC component suite to deliver modern matching engine, order management and digitalised asset technology, with a secure trading front-end. Sinara specialise in delivering innovative and reliable trading solutions to leading exchanges, brokers, clearers, and data vendors.
IMP have already signed up a number of start-up Users to commence spot trading on the Platform from the launch date. Users trading on the Platform have total trader anonymity and operate in accordance with the rules written in the IMP User Agreement.
The Platform will launch with five inaugural metals, some with dedicated contracts for high grade and low grade variations in their contract specifications, and each with regional contracts for EU and USA delivery as follows: - EU & US Ferro Chrome (64% Cr high grade and 52% Cr low grade), EU & US Ferro Silicon, EU & US Silicon Metal (553 & 441 grades), EU & US Manganese Metal Flake, EU & US Silicomanganese. IMP will continue to launch additional metal contracts in consultation with metals industry participants.
IMP Contracts are physically delivered on an “In Warehouse” basis using Digital Warehouse Receipts (“DWRs”) as legal documents of possession that are issued to metal owner Users by authorised warehouses in the Platform. IMP authorised warehouses operate in accordance with the procedures written in the IMP Warehouse Agreement to provide Users with a minimum standard of service across the IMP warehouse delivery network.
The initial delivery location for the European regional contracts is at Euro-Rijn Global Logistics facilities in Moerdijk, Netherlands. In due course, IMP will also announce future dates to commence good delivery at additional locations at Euro-Rijn Global Logistics facilities in Rotterdam, Netherlands and at Euro-Rijn Italia facilities in Port Marghera, Italy against the EU contracts.
The initial delivery location for the USA regional contracts will be at S.H.Bell Company facilities at East Liverpool, Ohio, USA. In due course, IMP will announce the future date to commence good delivery at this location.
IMP will continue to expand the number of IMP authorised warehouse operators and locations for good delivery against IMP metal contracts after launch.
IMP has partnered with UniCredit Bank AG (“UniCredit”) to provide IMP Users with a Settlement Account for post trade payment settlement services for trades concluded on the IMP Platform. All trades concluded on the IMP Platform require payment settlement and clearing. IMP uses the services of UniCredit, who acts as the cash settlement agent to the payment transactions, in order to ensure via its UC Market Place product a regulated, safe & secure payment flow between seller and buyer.