CWT, the provider of integrated logistics solutions, today announced the formation of a new company, Straits Financial LLC, to clear futures and derivatives trades for its clients. Presently, the company is in the process of registering with the National Futures Association (NFA) as a United States Futures Commission Merchant (FCM) and applying for clearing memberships with the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT).

“Straits Financial provides the entry point for our foray into the global futures marketplace and represents a logical extension of our commodity logistics business,” says CWT Group CEO Loi Pok Yen. “With this new company helmed by industry veterans, we are confident to extend support to the growing and evolving needs of clients who trade commodity related derivatives and are seeking a capable and stable global clearing partner.”

Joseph Mazurek will serve as President of Straits Financial. He was formerly the President of Macquarie Futures USA Inc.

“The timing is right for starting a new, focused FCM and Straits Financial sees tremendous opportunities partnering with an industry leader like CWT,” says  Mazurek. “And through existing clientele and new introductions, it is envisioned that Straits Financial will be able to fill the futures servicing voids and exploit opportunities in Asia where CWT has a commanding edge.”

Straits Financial Chief Operating Officer Paul Fry likens the start of the FCM as a fresh opportunity for customers worldwide to participate in the growth of Futures activity with an FCM that will be structured to meet their individual requirements. “Customer service is our number one priority,” he said.

After Straits Financial is set up, the group plans to establish broking agencies in other locations, primarily throughout Asia.