DISRUPTION IN A DISRUPTED WORLD - SPECIAL EDITION |APRIL 2020 - CTA Finance
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SPECIAL EDITION |APRIL 2020 DISRUPTION IN A DISRUPTED WORLD
02 |COMMODITIES | | APRIL 2020 |SPECIAL EDITION
Editorial
Let’s go to the moon!
“To think of disruption, one must imagine oil in Saudi Arabia, copper in Latin America, the economy in China, the world’s largest
oneself already disrupted,” so aptly summed cotton in China... these all remain challenges consumer of raw materials. The major shift
up the digital evangelist Stéphane Mallard. as important as recovering lunar minerals. to sustainability and fair trade has come ear-
ly enough to enable commodities to face and
Thanks to technical progress, the multiplica- Trading and logistics professionals are ta- overcome these challenges.
tion of connected objects and the development king an important place in an increasingly
of the blockchain, never in our history have so disrupted world and they fully assume this Nevertheless, demand for commodities will
many means been deployed to meet the challen- role as a link between suppliers and tra- likely regain its strength as the rhythm of
ges of logistics. So let us dare to disrupt as the ders. But to go to the moon, figuratively and the global economy picks up, this essential
theme of this Commodities proposes. Why not literally, despite technological advances, activity will continue to prove its vital im-
the Moon? This is the challenge proposed by the commodity trading activity continues portance in our globalised economy.
EPFL: “Space is hard”, as they say, and logistics to face global political uncertainties and
helps explain why it’s hard (see page 5). the challenges of climate change. Tensions
between the United States and China and
The SpaceX rocket indeed shows us to what turbulence in the Middle East have wei- Luc Petitfrère
extent the space adventure is now considered ghed heavily in 2019 on commodity markets. Editor-in-Chief,
a simple logistics project. But that doesn’t take This year, the coronavirus epidemic augurs Agefi
away from the fun of the adventure. Finding difficult times ahead with the shutdown of
Contents - April 2020
03/ Disruption in a disrupted world. 13/ New technologies in commodity trading. 22/ ECOM research into global warming and its
Ramon Esteve, STSA. Bernhard Bollinger & Michiel Mannaerts, PwC. effect on suitability for cocoa production.
Dr. Juan Beltran & Richard Puddifoot, ECOM.
03/ ONE ON ONE WITH Florence Schurch. 14/ Pervasive digitalisation:
Secretary General of the STSA. Great possibilities and high risks. 23/ Building an ecosystem of trust in the palm oil
Paolo Lezzi, InTheCyber Group. industry with Blockchain technology.
04/ Trading in a disrupted world: Kamales Lardi, Lardi & Partner Consulting GmbH.
a whole new ball game. 15/ Tackling the cyber threat
Pierre Galtié, Banque de Commerce et de Placements. to global supply chains. 24/ New options for green shipping finance.
Anna Bordon, Lloyd’s of London. Michael Adams, Ocean Assets Institute.
05/ Sustainable logistics in Space.
Marc-André Chavy-Macdonald, EPFL Space Center. 16/ Stock surveillance – Golden Rules to follow. 24/ Improving the living conditions
Patrick Eberhardt, Eversheds Sutherland. of underprivileged persons depending
06/ Data as a commodity of the future. on the resources of the Ocean. BAFF.
Pierre-Edouard Dolhen, Louis Dreyfus Company. 16/ An easing of the documentary
burden for oil traders? EBOTA. 25/ Meeting industry and market demands for
06/ Trade statistics show disruption in decarbonisation and cost reduction in shipping.
commodity markets. John Miller, Trade Data Monitor. 17/ Transitioning to electronic bills of lading: Per Marius Berrefjord, DNV GL – Maritime.
a legal challenge in the shipping
07/ Navigating the digitisation of commodity and trading world. Michael Buisset, HFW. 26/ INTERVIEW The need for stakeholders
trading. Alessandro Sanos, Refinitiv. to work together. Catherine Anderson, OECD
18/ SafetyTech – Solving Safety & Odile Roy de Puyfontaine, Vitol.
08/ Empowering the industry of the future. Challenges With New Technology.
Despina Panayiotou Theodosiou, Chris Hughes, Lloyd’s Register. 27/ Current Trends in Commodity Finance.
Tototheo Maritime & WISTA. Andrew Robison, HSBC.
19/ INTERVIEW Following up on the pioneering
09/ Today is not yesterday - nor is it tomorrow. work in Business and Human Rights. 28/ Trade Register affirms export
Dr. Stéphane Graber, FIATA. Krystyna Marty Lang, FDFA & Nina Eggert, STSA. finance’s low credit risk profile.
David Bischof, International Chamber of Commerce.
10/ Today’s tech era requires a global solution. 20/ Actions carried out by Sofitex
Andrea Tang, STSA. as part of the fight against child labour 28/ ONE ON ONE WITH Komgo.
in cotton growing in Burkina Faso. Souleïma Baddi, and Guy de Pourtalès, Komgo.
10/ Out with the old and in with the new! Lassama Kargougou, SOFITEX.
Victoria Attwood-Scott, Mercuria. 29/ ONE ON ONE WITH Steven Beck.
21/ Workshops provide practical Asian Development Bank.
11/ New technologies in commodity trading: insight into implementing new human
evolution or revolution? rights guidance. 30/ The challenges of Millennials hiring and
Jean-Noël Ardouin & Kaïs Boubaker, EY. Luke Wilde, Twentyfifty. talent retention. Michèle Sormani-Nielsen.
Commodities is a supplement to L’AGEFI, daily publication of la Nouvelle Agence économique et financière SA | CHAIRMAN OF THE BOARD Raymond Loretan | CEO AEF SA Olivier Bloch | Editor in chief Luc Petitfrère | Editorial contribution Andrea Tang,
Amalie Sirevaag, STSA, Elsa Floret, Agefi | Graphic design Damien Planchon | Subscriptions (021) 331 41 01 – abo@agefi.com | Advertising STSA Tél. (022) 715 29 90 – info@stsaswiss.ch | Printers PCL Presses Centrales SA | Copyright © Any reproduction
of articles and illustrations is prohibited without written permission | Head Office Route de la Chocolatière 21, Case postale 61, CH-1026 Echandens-Denges, T. (021) 331 41 41, www.agefi.com | Front page image credit: iStock
SPECIAL EDITION |APRIL 2020 | |COMMODITIES |03
Disruption in a disrupted world
disrupt and evolve supply chains to the evolving lution generated by fossil fuels, we continue
political-economic climate. Most merchants to be more energy dependent than ever. De-
Ramon Esteve define themselves as "supply chain managers", salination, for example, key to ensuring the
President, Swiss Trading and new technologies will allow transactions to availability of clean water in many countries,
and Shipping Association (STSA) happen more efficiently and with less cost. They requires energy. Agricultural practices must
also allow the gathering of traceability data in be reviewed if we are to feed 8 billion people
D
demand from consumers who want to ensure sustainably, with crop inputs becoming more
isruption is why merchants exist, products are safe, sustainably manufactured, costly and the raw materials to produce them
bridging the gap between supply and and that human rights have been respected scarce. Shipping continues to suffer from
demand. Disruptions in our supply throughout the supply chain. At the same time, increased pressures – though the implemen-
chains are viewed as business oppor- they bring new challenges, such as cyber risk tation of IMO 2020 may be well underway,
tunities, not threats. Consumers and industry and a certain degree of social upheaval. Certain companies face the challenge of significantly
do not want to manage the fickle global supply jobs will become obsolete, and new forms of la- cutting down on emissions to reach the IMO
chains that provide them with goods and ser- bour will require different skillsets. objectives on reduction of greenhouse gas
vices; they want their needs met at the lowest emissions in a difficult market. The rate of
possible cost. This does not mean that our ac- Technologies, coupled with increasing regu- technological change has led to exacerbated
tivity cannot be disrupted. Consider the coro- lation, pose a particular challenge for trade invocation of the precautionary principle,
navirus pandemic, which has sparked a global finance. As banks streamline to cut cost in this often leading to more damage than the ima-
crisis, putting the movement of goods and per- environment, they must either standardise tran- gined harm it pretends to shield us from.
sons substantially on hold. Or the steady rise in sactions to allow their automation, or reduce the
protectionist policies, dismantling the progress number of high maintenance customers. The As much as we fear change, they present new
of the last 50 years that enabled trade and the latter includes merchants due to their different opportunities for mankind to disrupt in the
greatest creation of wealth in human history. products, supply chains, business models and face of disruption and use it for the greater
Trade flows will have to adapt to thrive in to- compliance obligations. This is to the detriment good. In the current coronavirus crisis, a
day’s disrupted world. In the current uncertain- of small and medium-sized companies, which special thanks goes to hospital workers eve-
ties, Though certain politicians propose scaling make up the majority of commodity trading, who rywhere, putting their own health at risk to
back globalisation as a remedy to current un- cannot afford massive technology investment help fellow citizens around the world cope
certainties, this would be a huge mistake as our and do not have profitable business volumes. with the pandemic. The need to unite proves
economies and health systems benefit greatly Ironically, this takes place in a world where regu- ever more compelling, and STSA also plays a
from diversified supply chains. lators are afraid of the "too big to fail" or market key role to accompany its members through
dominance by a limited number of players. current challenges by providing a platform of
The last major disruption possibly faced by the exchange of expertise and best practices. We
commodities industry was the emergence of the Climate change is another key disrupter. are grateful to be able to count on the conti-
Internet. Today, technology is set to significantly Whilst civil society no longer accepts the pol- nuous and valuable support of our members.
One on One with
ral levels. I have always been passionate about Switzerland is proud to have a chocolate
geo-political strategies, the way countries de- industry and to be well-known around the
fend their interests and form alliances. world for its chocolate… but without traders
Florence Schurch My journey up to this point is definitely
useful for the trading and shipping activity.
who provide the cocoa, there would be no
chocolate in Switzerland.
Whilst our members conduct business wor- It is only by giving examples to the public,
Meet Florence Schurch, the new ldwide and are subject to geo-political consi- and explaining the business, that Switzer-
Secretary General of the Swiss derations and States’ interests, they are ne- land will be as proud of their traders as they
Trading and Shipping Association vertheless anchored in Switzerland, and are are of their cheese makers.
subject to Swiss laws, as well as international
laws and regulations. Through the Associa- So far, what do you see on the horizon
tion, they maintain close engagement with of the commodity trading activity?
the Swiss authorities. The commodity trading activity around the
world is vital to the supply and consumption
What are some of the key aspects you would of essential goods. We cannot have diversity
like to bring to the Association? of goods in our countries without these ser-
After his election, STSA’s President Ramon vice providers; that’s a fact.
Esteve stated that his goal is to make Swiss
citizens as proud of their traders as they are At the same time, companies owe it to all
of their cheese makers. stakeholders – including consumers, NGOs,
international bodies, development agencies,
That is exactly what I want to do. The public and state and federal authorities – to be more
has little knowledge of what trading and transparent and collaborative regarding
shipping really is, and most do not realise traceability and sustainability of their sup-
where their morning coffee comes from. ply chains and the respect of human rights.
They cannot imagine that without traders, It is essential that companies’ voices (small
Florence, you have recently started at STSA they wouldn’t be able to drive their elec- and large companies across the commodi-
as its new Secretary General. Could you tell us tric cars or eat pineapple for breakfast, ties classes) be heard, and that they be key
a bit about your background? for example. All these things have to be ex- partners for the authorities at the negotia-
Coming from the Swiss Homeland Security and plained. Does the public know that over 50% ting table. STSA has been a serious and trus-
diplomatic sectors, I was posted in Washington of coffee traded in the world is traded from ted partner for its stakeholders and it is our
D.C. a few weeks after 9/11 and in Germany, and Switzerland? And that this makes up about intent to remain so.
worked in public affairs for decision-makers CHF 1.2 billion in coffee exports, whereas
and politicians at the Swiss cantonal and fede- cheese exports account for CHF 600 million? Elsa Floret, Journalist at L’Agefi
04 |COMMODITIES | | APRIL 2020 |SPECIAL EDITION
Trading in a disrupted world: a whole new ball game
nessing lately, market actors, both on the entire cities and families rely to live, pu-
Pierre Galtié import and export side, turn themselves rely on hold. It is also complex to substitute
Head of Commodity Trade Finance, towards trading companies which have the purchases. In such cases, traders may act
Member of the General Management, necessary know-how and logistics capacity as a buffer between a constant offer and a
Banque de Commerce et de Placements to play a buffer role. slowdown on the demand side. It would be
naïve to ignore the impact on prices. At the
In this context, the agility of trading same time, it also allows for the absorption
It is no secret that disruption creates turbulence houses is more than ever one of the cor- of shocks in periods of instability.
which consist of arbitrage and pricing opportunities nerstones of supply chains’ fluidity –
either offering to open new paths where Those cyclical geopolitical uncertain-
for commodity traders. But traders also play a the usual ones are blocked to avoid the ties are accompanied by more structural
key role in regulating the supply chain in this supply chain being drained, or able to ma- changes which the various trading actors
uncertain and evolving environment. nage stocks when the usual distribution have a responsibility to take into account.
M
channel is slowing down. What is at stake While climate change is driving the
any different parameters have re- in distorted markets is the ability to adapt consumer demand towards more “green”
cently converged to slow down com- to constant and fast changes while main- and ethically sourced products, the rapid
modity trading, whilst also bringing taining adequate pricing and mitigating growth of the world’s population raises
demand for more sustainable and the numerous risks associated to it. This the spectre of natural resources scarcity.
efficient supply chains to the foreground. allows people to continue receiving food The combined effects of those realities
and industries to continue getting the raw force actors to rethink the supply chain
The US/China trade war, together with the materials they need, with a clear impact in a more circular economy and sustai-
vagaries of Brexit and the uncertainties of on employment and the economy. When nable manner. These new trends towards
the outcome of future US elections, have China stops buying soybeans from the renewable, sustainable, and less polluting
inflicted various shock waves which have US, traders have the necessary know-how products are essential.
significantly impacted trade flows. We ob- and logistics to continue supplying those
serve that this cyclical slowdown, due to beans by turning to other sources, such Disrupted or not, the world is structural-
geopolitical uncertainties, has also shaped as Argentinian or Brazilian farmers for ly changing. All trading actors, trading
the need for a more resilient and agile sup- instance. For other products such as mi- houses, and specialised banks, have to be
ply chain. When regular trading flows are ning products used to produce alloys, the real solution providers with a tailor-made
distorted by exogenous factors such as the issue is different. In periods of Chinese approach to accommodate the evolving
various political conflicts we have been wit- slowdown, it is hard to put mines, on which needs of the markets.
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SPECIAL EDITION |APRIL 2020 | |COMMODITIES |05
Sustainable logistics in Space
These developments are like Christmas every will be tackled in the 2020s by many missions,
day – wonderful at first, but likely unsustai- with NASA already contracting commercial
Marc-André Chavy-Macdonald nable. Sustainability is now a concern across delivery services to the Moon.
Postdoctoral Researcher, Systems space logistics, as access to space becomes
EPFL Space Center cheaper, privatised, and continuous – more EPFL taking the lead
“normal”. Commercial actors performed their Few space industry actors consider all these
first on-orbit servicing on February 25th, to transformations holistically, despite their
“Space is hard”, as they say, and logistics refuel & repair satellites rather than discard shared impact on space logistics. Thus in res-
helps explain why it’s hard. them. Governments are keen to employ mate- ponse, the EPFL Space Center (eSpace), based
S
rials from the Moon itself (known as In Situ in Lausanne, last year launched a research
ending people, materials, or delicate Resource Utilization (ISRU)), and eventually initiative called Sustainable Space Logistics.
instruments to space means strap- manufacture there. Academic researchers It aims to build a new community, ensuring
ping them to a towering controlled are focusing attention on space debris, an ine- the satellite operators talk to the R&D en-
explosion – a rocket – which even to- vitable by-product of cheap launches and vast gineers, the NASA planners coordinate with
day has a “failure rate” of 2-10% (please take constellations. the fast-moving entrepreneurs, and the aca-
a moment to imagine this “failure”). Once demic researchers exchange ideas widely.
up there, precisely calculated & timed en- The Moon: the sleeping satellite must awaken
gine burns send the item gliding to its as- Lunar mining marks a historic shift in space One key message of sustainability is inter-
signed orbit at 7 km per second. Returning logistics, and in human civilisation: for the connectedness: whether the telecom industry
is no less arduous: special heat shields are first time, we seek resources from another body decides to shift mostly to low-flying, swarming
needed to survive. And we should return than Earth. After the 2009 remote detection constellations – or to high-orbit, half-billion-dol-
what we send up! An astronaut’s wrench of water by Indian and American orbiters, se- lar behemoth “stations” – affects the on-orbit
at those speeds would annihilate a tank, veral space resource exploration companies servicing businesses. Similarly, the business
let alone an exquisite satellite worth hun- have arisen – and fallen. Some remain, e.g. case for sourcing materials from the Moon is
dreds of millions. As the International the Japanese firm ispace, and United Launch shaped by rapidly diminishing launch costs.
Space Station enters its twilight years, the Alliance (ULA), a Boeing-Lockheed Martin
focus of government logistics moves to the joint venture. Academic communities have A concrete application of sustainable space
Moon, which, even for grizzled space en- formed, and Luxembourg is now a cluster logistics is the Swiss start-up ClearSpace. It
gineers, is much further. for space resources actors, partly by offering was selected in November by the European
rare legal clarity on resource ownership. Space Agency to lead an €86M programme
A revolution is afoot in space logistics, star- Last year, the U.S. Geological Survey began to remove a piece of space debris, with a
ting with miniaturised electronics, first evaluating Lunar regolith (soil) as resource mission in 2025. This will be the first-ever
made for smartphones, now allowing shoe- reserves. Lunar water attracts the most at- demonstration of a solution to space debris,
box-sized “nanosatellites”. This reduction in tention, to support human exploration, and and of a new profession: space garbageman.
costs brings space within reach of aspiratio- may be refined to oxygen and hydrogen, for Born & incubated at eSpace, ClearSpace was
nal students & entrepreneurs. Since SpaceX breathing or rocket fuel. Billions of tonnes spun off with key personnel.
began a reusable rocketry renaissance, of ice may lie in “craters of eternal shadow”,
launching has never been cheaper. And but need in situ verification to justify astro- With the Sustainable Space Logistics research
the initially bare-bones tiny satellites have nomical valuations. After government explo- initiative, the EPFL Space Center is positioned
exciting new capabilities when launched in ration, envisioned markets include fuel for as a hub for the current revolution, ensu-
swarming, coordinated flocks, or “constel- satellites, and in the fullness of time, a “cis-Lu- ring long-term, sustainable thinking drives
lations”. They can map the entire Earth in a nar economy” extracting metals (e.g. from us forward. The Space Center is seeking
day, or provide continuous internet access ilmenite) and silicon. Titanic scientific, tech- partners, sponsors, and ideas – and know-
to the planet. nological, legal, and economic uncertainties how from logistics practitioners.
Source: NASA
06 |COMMODITIES | | APRIL 2020 |SPECIAL EDITION
Data as a commodity of the future
cant and already highly regulated (such Brokers have had to increase not just the vo-
as with Europe’s General Data Protection lumes of data they process, but the type of data
Pierre-Edouard Dolhen Regulation, or GDPR). they collect and provide to their customers.
Head of Derivatives Back and Middle
Office, Louis Dreyfus Company Given that the data-brokerage industry has Indeed, data brokers have faced fundamen-
existed for roughly 20 years now, it’s no sur- tal changes in four economic paradigms:
prise that a vast supply chain already sup- • New products: The number of data types re-
If there’s one commodity the 4th Industrial ports data-brokerage needs. That existing quired by machine-learning constantly evolves
Revolution craves, it’s… data. supply-chain, however, has had to evolve – and expands. In the year 2000, data collection
M
often quickly – to meet changing demands. was, effectively, email addresses. Today, it’s hy-
achine learning and artificial per-local, real-time geo-location information.
intelligence – the drivers of At the beginning of the supply chain, a • Integration: Technology is ever-changing.
technology’s next great leap massive variety of producers are currently As new services emerge – from blockchain
– are built on algorithms that harvesting specialised data (from images to the Internet of Things – data brokers have
demand and consume massive amounts of to statistics, depending on the need) on a had to incorporate these expanding needs
data. Little wonder, then, that the Janua- hyper-short cycle. For example, brokers fo- into their daily processes.
ry-February 2020 issue of Harvard Business cused on the Internet of Things market are • Short-Cycle Dimension: Most large corpora-
Review notes that data, if employed smartly, sending data continuously to data servers. tions are also looking to collect and process data
can create a competitive advantage for cor- The information is stored on these servers, gathered and produced by their own systems
porations. This means opportunities for the before being sold to users demanding spe- • Recycling: Used data maintains value that
economic sector known as Data Brokerage. cific data sets to feed into machine-learning another department or another client can
models that, in turn, become the basis for re-use and process through Artificial Intelli-
Though the industrial revolution it is fee- analytical services sold to other companies. gence. Most of the time, data is a byproduct
ding is just now emerging, Data Brokerage of a primary transaction, such as selling a
itself is nothing new. Indeed, most of the In the middle of this process are data bro- product online and collecting consumer data
leaders in data brokering, such as Acxiom, kers who are buying data, cleaning it, enri- that is then sold and resold.
were founded in the late-1960s. To this ching it in various ways, and then storing
point, brokers have primarily supported that enhanced data before reselling it to Today, data has become the new commodity.
the needs of marketing departments wit- different end users. It’s one of the first commodities to confront the
hin large corporations. And that need has transformation of four economic paradigms
been large. Though the value is difficult However, over the last five years, the data-bro- (new products, new technologies, short cycle
to estimate (something on the order of kerage sector has had to evolve quickly to ma- and recycling). And its evolution over the last
$200 billion annually), it’s clear that the nage increasing appetite for data needed to feed five years should inspire traditional commo-
data brokerage sector is already signifi- machine-learning models at large corporations. dity companies to face their own evolution.
Trade statistics show
disruption in commodity markets
has distorted some of their biggest mar- copper, for example, fell to 6.5 billion kg in
kets, particularly in agriculture. 2019 from 7.8 billion kg in 2018. Imports of
John Miller organic chemicals declined to USD 57.5 bil-
Chief Economic Analyst, Chinese imports of soybeans from the U.S., lion in 2019 from USD 67.3 billion in 2018.
Trade Data Monitor for example, fell to USD 6.6 billion in 2019
from USD 13.9 billion in 2017. China has re- A third factor disrupting global commodity
placed the gap with shipments from other markets is the green movement, which has
Commodity markets are being disrupted countries, making winners out of farmers increased trade in biofuels and hurt coal
by slugging growth in global trade, political in countries like Brazil. Shipments from the markets. South Korea, Thailand and France
protectionism, saturation in China, and the Latin American country to China increased all heavily shrank coal imports in 2019.
to USD 23 billion in 2019 from USD 21 billion Funds and banks are shying away from coal.
move toward the green economy, according in 2017, according to TDM data. Soybeans
to an analysis of trade statistics from are part of a wider trend. Overall, Chinese The question for commodity markets will
Trade Data Monitor. imports from the U.S. declined to USD 122.7 be whether they can survive the end of the
B
billion in 2019 from $150.4 billion in 2017. free-trade consensus that has reigned in
ased in Geneva and Charleston, Shipments from Brazil increased to USD ministries throughout the world since the
Trade Data Monitor is the world’s 79.7 billion from USD 58.4 billion. end of World War II. The growth in wor-
premier source of import and export ld trade fell to only 1% last year, a decline
data. The company procures figures In general, the trade war is shifting trade from 4% in 2018 and 6% in 2017. That’s the
from government sources, and assembles flows away from the world’s two econo- fourth worst progression in the last 40
them for a list of blue-chip clients including mic superpowers and towards new export years. That should be no surprise. The U.S
the UN’s Food and Agriculture Organization powerhouses like Vietnam, Thailand, Mexi- and China are the world’s two great natio-
(FAO), major law firms and corporations, and co and Brazil, hurting farmers and indus- nal consumer markets. With over USD 4
the French Ministry of Agriculture. trial goods makers in the U.S. and China. trillion a year in combined imports, they
are juicy targets for companies around
The U.S.- China trade war is the biggest As Chinese growth tapers off from its fu- the world, and the driver of economies all
source of disturbance in global commodity rious pace in the first decade of the cen- the way down the supply chain from mine
markets. As Beijing and Washington have tury, its imports of some industrial com- to store shelf. The new protectionism is
slapped tariffs on each other’s exports, it modities are slowing down. Imports of bound to keep having an impact. 
SPECIAL EDITION |APRIL 2020 | |COMMODITIES |07
Navigating the digitisation of commodity trading
in capturing the treasures of the uncharted news articles, proprietary data, and other
coastline. Guided by the broader business unstructured sources of information. But
Alessandro Sanos strategy, the task will be to identify a match due to their unstructured format, most
Director, Commodities EMEA or to find a compromise between the spe- companies currently struggle to leverage at
Refinitiv cific business needs of the company and machine-speed this type of information and
the available technologies that can solve to turn it into meaningful and actionable
those needs, have successfully moved from insights. But the use of natural language
With change increasing both in speed and concept stage to reality, can scale fast, and processing, text analytics, data-mining, and
complexity, the commodity trading leaders that are within budget. At the beginning other advanced technologies, combined with
of the 2020s will be the organisations able to of this journey, and especially for smaller data management, allow to move seamlessly
commodity companies that may lack the re- between numeric values and textual content
take informed decision faster than their peers sources or the know-how, partnering with and turn the big data buzzword into a single
A
technology providers able to offer a holistic flow of information that can be used by arti-
s we are entering the 2020s, the pace approach can help generate new insights ficial intelligence, machine learning, or pre-
of change in commodity trading is without incurring the costs associated with dictive analytics.
showing no signs of slowing down. A complex technology investment.
high level of uncertainty has always Talent demographics are also evolving ra-
dominated commodity markets. But in the last Through our engagements with customers and pidly, and what is emerging, is a new genera-
decade, the commodity trading landscape has partners, we know our clients are spending an tion of traders and analysts able to navigate
witnessed profound change as the variety and enormous amount of time and resources in dis- this new digital world, code, and interact
volume data that is the essence of the commodi- covering, evaluating, ingesting, mapping, nor- with data. Commodity trading houses have
ties ecosystem has grown exponentially. malising, and analysing data in different formats started competing with financial institu-
and from multiple sources. This non-negligible tions and hedge funds to hire data scientists,
Historically, the business models of market task can take up to 80-90% of an analyst or data and Chief Information Officers and Chief
participants revolved around superior ac- scientist’s time before they can focus on extrac- Technology Officers are increasingly repor-
cess to information. Companies holding the ting useful, timely, and actionable insights. ting directly to CEOs as their strategic role in
physical assets and the infrastructure used the evolution of their companies is crucial.
to control the majority of the data, and expe- With the number and variety of new data
rienced traders would gather and leverage sources deemed to increase over time, com- The transformation of commodity trading
exclusive market intelligence from their petitive advantage is evolving from being is bringing new challenges to the industry,
extensive network of connections. Today, able to access additional sources of data, to but commodity players are well known for
technology is allowing new entrants from how well and how quickly commodity tra- turning challenges into opportunities. With
outside the industry, and small players with ding companies can manage data, commi- change increasing both in speed and com-
no physical assets nor proprietary data, to ac- ngle it with proprietary information, apply plexity, the commodity trading companies
cess granular and detailed information that technology to generate insights, seamlessly that will emerge as the leaders of the 2020s
was once the privilege of the global players. distribute them across the organisation, will be the forward-thinking organisations
and then be able to make informed decisions that recognise the transformative role of
In this new information-rich environment ahead of their competitors. technology in managing data and in gene-
where data is widely distributed, virtually rating insights, and that ultimately, will be
all commodity traders and analysts can ac- The democratisation of traditional numeric able to take informed decisions faster than
cess near-real-time insights that were not data is transitioning the quest for sourcing anyone else.
previously available, or affordable. insights from numeral values to alternative
data and unstructured content. Many or- We have an exciting journey ahead of us.
This democratisation of information, and the si- ganisations already have access to a wealth Knowledge is the most valuable commodity,
multaneous exponential growth of data, is ero- of research reports, government filings, and data is just the beginning.
ding the old information edge and is bringing a
new level of transparency in an industry which HOW CHALLENGING IS IT FOR YOU TO AGGREGATE AND NORMALISE YOUR
has long been characterised by its opacity. DIFFERENT INTERNAL AND EXTERNAL DATA SOURCES INTO A SINGLE INFORMATION FLOW?
To remain profitable in this increasingly
competitive market, and as profit margins
are continuously tightening, the commo-
dity trading industry can no longer postpo-
ne a review of the old business model. The
business-as-usual investment in data and
technology is no longer enough to secure a
competitive advantage. To get ahead of the
competition, the need to distinguish between
a technology upgrade and digital transforma-
tion is becoming increasingly apparent.
This journey will rarely follow a straight
line. Just like a sailboat’s course where navi-
gation requires constant adjustments, suc-
cess will result from a continuous anticipa- Source: Refinitiv survey,
tion process rather than a series of distinct,
disjoint, and sequential adaptations. A dis-
ruptive vision, a willingness to experiment,
and the strong support and commitment
from senior leadership will be paramount
in navigating the choppy waters ahead and
08 |COMMODITIES | | APRIL 2020 |SPECIAL EDITION
We now have the opportunity to realise the huge beneficial
gains that come with making use of the bright ideas from
all corners of our workforce.
Empowering the industry of the future
There are many women involved in trade. sessment of the number of women employed
Despina Panayiotou They can be found in all parts of trade flows in the industry and where. While this is no
Theodosiou from artisanal manufacturing to the boar- easy task to complete – the very definition of
CEO, Tototheo Maritime droom, but while there are roughly as many the maritime sector varies from country to
& President of WISTA women as men on the planet, this of course country, region to region - it is an important
far than equated in the workforce and parti- step to achieving the objectives of WISTA
G
cularly in roles of seniority. and the IMO and closing the gap.
ender equality and diversity poli-
cies are no longer box-ticking fea- It is by acknowledging those gaps that we
tures in a company CSR report; can work on building sustainable strategies
they are increasingly important We are building to bridge them. This will be no small task, but
tools in remaining ahead of the game in we are committed to continuing our efforts.
a modern, competitive and rapidly chan- a landmark Women Among them, we are creating a database of
ging society. female experts that can be called upon to
in Maritime survey address any of the technological or policy
The shipping, transport and trade indus-
tries are no different – we now have the
– an important step to related topics that are under discussion, de-
bate and review, and we as WISTA are sup-
opportunity to realise the huge beneficial achieving the objectives porting the IMO in many of its other tech-
gains that come with making use of the bri- nical considerations at Committee meetings
ght ideas from all corners of our workforce. of WISTA and the IMO to ensure that the diversity discussions and
benefits shine through with all the benefits
There are a number of well-executed research and closing the gap. they bring.
projects that have studied the impact of the
inclusion of women in all societies, of highligh-
ting how women can bring new ideas and an
increase to the wealth of a society. In a world - The annual IMO focus theme in 2019 was Diversity of thought
and in an industry like shipping - that is trans- “Empowering Women in the Maritime Com-
forming, we need diversity to ensure we have munity”. This led to a range of initiatives that and ideas is an integral
all the ideas and get on the road to the future. helped not only increase awareness, but also
opportunity. We saw the IMO Day of the Sea-
part of this process and
farer theme take a similar topic on encoura- we have a wonderful
ging women to choose careers at sea and en-
In a world - and in an sure they are supported. opportunity to create the
industry like shipping We are now building on those huge gains in bedrock for an advanced,
- that is transforming, 2019 and continuing our work with the IMO
through a Memorandum of Understanding
successful industry.
we need diversity on Technical Cooperation.
to ensure we have all This will help lay the basis for showing With our industry evolving, we all have
how diversity enhances businesses, mar- to bear in mind the sustainability objec-
the ideas and get kets, clusters and countries. It will also tives that are expected of us. As shipping
pave the way to greater gender neutrality, turns green and we strive to decarbonise,
on the road to the future. where the gender of an applicant, a pro- we need to collaborate to ensure that the
fessor, an expert or a leader is no longer a societal benefits are delivered. The same
relevant factor. goes with the technological advancements
and how these will alter the nature of ship-
We have started well. We see this as being critical to the future ping as we know it today.
The Women’s International Shipping & Tra- of our industry. As I mentioned, we have
ding Association (WISTA) gained consultative the research to demonstrate how diversity To achieve this, we need to have open
status at the International Maritime Organi- creates opportunities for businesses and discussions and to invest time and effort
zation (IMO) in 2018. The time was right –the societies, but within shipping and maritime into collaboration and trust. Diversity
right people were listening and were in a po- trade we now need to identify the concrete of thought and ideas is an integral part
sition to act. But it wasn’t only the IMO - the strategies to ensure that these develop- of this process and we have a wonderful
whole industry was listening – for the first ments are sustainable. opportunity to create the bedrock for an
time, there was a common effort to highlight advanced, successful industry, one that is
and to realise the positive difference that di- This is also why we are building a landmark fit for purpose in the sustainable societies
versity brings. Women in Maritime survey, a fact-based as- we are developing. 
SPECIAL EDITION |APRIL 2020 | |COMMODITIES |09
In the context of global economic realignment, client expectations
and the recent outbreak of coronavirus, the industry shows
its professionalism in handling these evolutions, and its resilience,
thanks to a strong freight forwarders community.
Today is not yesterday - nor is it tomorrow
ldwide, with profound implications on global While technology represents a unique op-
Dr. Stéphane Graber* supply chains. As with the commodities acti- portunity to facilitate trade and optimise
Director General, International vity, freight forwarding has not escaped the the activities of the industry, such is not
Federation of Freight Forwarders wanton hand of trade tariffs and retaliatory without risks, should cartels form the new
Associations (FIATA) action. Trade restrictions by WTO members platforms. FIATA sees its role in this regard
are at historic highs, with import-restrictive as enabling horizontal work and standards
measures representing an estimated USD 747 setting for the future in order to get the best
In turbulent times billion. Such fractures in the international of new technological applications for its
Since the financial crisis of 2008 and modest ex- trading system have profound implications members and industry.
pansion of international trade, the end of 2019 for the supply chain, and a knock-on effect on
saw a contracted volume in container shipping economic growth and development, connecti- Demography, a key factor
while airfreight faced a 14 month decline. vity being today an important precondition to of successful adaptation
economic opportunity. In this era of rapid change, the interna-
These were but two of the challenges facing tional freight forwarding industry has to
the international freight forwarding indus- Unified cooperation of stakeholders is vital adapt to its new environment and bring
try in 2020. In the context of global economic to find new approaches, including the conti- new skills and capabilities. Training and
realignment, rising protectionism, client nued incorporation of technology and sustai- education play a key role in these delive-
expectations, margins under pressure and nability to grapple with changing regulation rables. First it is through training that
the recent outbreak of coronavirus, the in- and controls. Also crucial is the opportunity an industry can attract new young talent
dustry again faces great uncertainty. With for industry representative entities to work that will bring with them diversity, new
environmental concerns making headlines, closely with international bodies, govern- ways of thinking, and different priorities
increasing demand for sustainability strate- ments, and national agencies to assist in the to allow the industry to evolve and thrive
gies, enhanced route optimisation, capacity full and effective implementation of trade within this new environment. Second, trai-
utilisation, shifting modes to minimise emis- facilitation reforms. Taking an inclusive and ning and professional development is key
sions, and carbon neutral services or greener pragmatic approach to these new realities to maintaining talent within the industry
energy, the future remains unpredictable. is necessary to building a stable and strong to be at the forefront of new developments.
Last but not least, the industry continues to international trade system of the future.
face challenges in the recruitment of young FIATA, as the largest non-governmental or- To respond to the shortage of workforce and
talent that look for companies sharing very ganisation representing service providers to increase the diversity that is necessary
different values from previous generations in international trade logistics and supply for an industry to adapt to its environment,
in a declining international market. chain management, plays a key leading role special attention needs to be given towards
in this arrangement. gender equality and diversity. Training pro-
There is a clear and present need to reassess the grammes should attract women in order for
economic role international freight forwarders Technology opening a new era of freight the industry to increase its diversity across
play, and how they can continue to create value forwarding all hierarchical levels within companies.
in the supply chain. Traditionally, international With the acceleration of technological deve- Making the industry more open to women
freight forwarders have focused on arranging lopments, of which the Blockchain is certain- doubles the recruitment pool and brings a
transport and documentation preparation. ly the most emblematic, international trade, change of business approaches.
However, changing business models require an activity traditionally dominated by paper
a change from the traditional service delivery documents, is facing a fundamental shift. FIATA, the leader of a strong freight
to a value-added service for their customers More than ever, freight forwarders will forwarders community
across a variety of logistics services. need to understand their value proposition These developments have been embraced
and adapt their business models. by FIATA with confidence and conviction,
The freight forwarder as the “architect of and are key strategies of its work to create
transport” is crucial to the worldwide move- Freight forwarders, as architects of the dyna- value for its members to strengthen the key
ment of goods across borders, irrespective mics and enablers of the supply chain, need role of international freight forwarders,
of the means of transport. Today, they are more than ever to communicate with their increase the efficiency of their operations
confronted with three natural evolutions im- partners to achieve increased efficiency and ti- and focus on added value. The digitisation
pacting the supply chain: the rise of protectio- mely communication between all stakeholders of the supply chain will optimise interna-
nism, the diffusion of new technologies ena- in the industry initiatives around interope- tional freight forwarders’ operations, in-
bling the interconnectivity of all stakeholders rability and automated exchange of informa- crease margins, meet client expectations
in global ecosystems, and worldwide demogra- tion. Interoperability, however, requires trust and move goods in a faster environmen-
phics. Their ability to deal with these evolu- between the trade partners in the global envi- tally sustainable way. FIATA will take the
tions will be key for the future of this industry. ronment that international freight forwarders lead to enhance the future of its members
operate in. The increasing complexity of the in freight transport.
Supporting Trade Facilitation supply chain involves technology as the ena-
The recent change in geo-political forces has bler as to increased quantity of information With the contributions of Dr Nina Eggert, Andrea Tang,
seen the rebirth of protectionist policies wor- for data collection, analysis and processing. Stephen Morris, and Guy de Pourtalès
10 |COMMODITIES | | APRIL 2020 |SPECIAL EDITION
Today’s tech era requires a global solution
and DLT, for the purpose of increasing legal systems. Recent cases have demonstrated
Andrea Tang certainty, reducing the risk of abuse, and the proximity of such risks, their paralytic
Legal & Regulatory Affairs Officer, removing barriers for applications based consequences, and the crippling losses they
Swiss Trading and Shipping Association on such technology. In addition, the Swiss bring. Finding optimal and effective solu-
(STSA) authorities hosted a recent roundtable with tions will require the concerted and unified
industry stakeholders, to better understand efforts of all actors, including companies
I
their needs. Ensuring a favourable business in building effective cyber resilient archi-
n an era of rapid technological deve- environment is a key priority for many coun- tecture, insurers in developing solid and
lopments, heralded as game-changing tries in today’s competitive economic envi- pragmatic products to deal with these new
answers to the prayers of many, the com- ronment, and technological openness is beco- realities, industry associations such as STSA
modity trading activity is on the cusp of ming part and parcel to this criteria. in being able to consolidate the expertise
an exciting evolution. Industry players have across the activity, and national authorities
been quick to develop aboard various tech- Nevertheless, challenges remain. In a global in ensuring appropriate legislative and re-
nological initiatives, eager not to miss out on business that depends on so many multi-ju- gulatory responses.
the next revolutionary solution to increase risdictional touchpoints, fragmented legisla-
efficiency, enhance traceability and sustai- tive and regulatory recognition in different We are delving deeper and deeper into an
nability, and aid in compliance with moun- countries may leave room for doubt or legal exciting new world filled with ever greater
ting regulatory obligations worldwide – a uncertainties in the complex commodity possibilities to innovate across the supply
tall order indeed! trading supply chain. This has ripple effects chain. Though technology continues to re-
amongst the various actors, not least the main somewhat mystical in that there still
Legislators and regulators worldwide are too trade financing providers who need cer- remains much that is undiscovered and not
being gradually swept up by this new wave, as tainty regarding the crucial aspects of the well understood, now is not the time to take a
the legal implications become more apparent. transactional arrangement, not least as to passive ‘wait and see’ stance. Now is the time
What is the legal effect of a smart contract, an who holds title to the underlying collateral to take a global approach to a global matter,
electronic bill of lading, or other contractual at each given moment. In addition, the in- working together to anticipate technology’s
obligations conducted over one of the various creasing reliance on technology across eve- new challenges and lay the foundation for
industry initiatives based on an underlying ry aspect of our supply chains, and indeed, its continued flourishing. STSA continues to
technology? Switzerland, for example, re- the very functioning of our human societies, work closely with the Swiss authorities, in-
cently undertook a comprehensive reform leads us to the very real risks of cyber-at- ternational bodies, its members, and beyond
of nine of its laws to incorporate blockchain tacks and ensuring resilient cyber-security to ensure a vital platform for this dialogue.
Out with the old and in with the new!
The truth is it’s hard and it’s expensive! In We need change!
these global markets where we are producing We believe that we play a very important role in
Victoria Attwood-Scott in one location and moving to another loca- this transition. After all, who better to unders-
Global Head of Compliance, Mercuria tion, possibly transforming products along tand and guide the transitions than the partici-
the way, the system needs to work in every pants who understand the supply and demand
one of those locations. To move away from a requirements and challenges? Sustainability and
document-based system, global laws need to transparency are good for our markets and the
Feeding the world’s growing population validate digitalisation at each stage of the sup- markets have benefited from an increase in both
sustainably despite a changing climate ply chain and they are just not there yet. over the last 10 years but we need to go further.
and finite natural resources is among The energy transition, the move from dirty to No one group can do it alone. That is why we
the world’s most pressing challenges. cleaner fuels, presents us with similar challenges. have been at the forefront of some of the indus-
T
If the cleaner fuels that we produce do not satisfy try’s recent consortium approaches to moving
he commodities markets are curious the energy needs of the population, how does the our markets forward. Mercuria was at the in-
beasts. We are transforming, trans- world bridge this gap? Building new renewable ception of both VAKT and Komgo which strive
porting and supplying high volumes infrastructure is expensive so who will foot the to digitalise various aspects of our business.
of high value products and this is bill for these projects, especially given most in-
still being done based on paper documents vestors have lost significant amounts of money in We are actively looking for others to co-invest
being couriered, signed and emailed around renewable investments over the past 10 years. with us in more projects which will help us transi-
the world. In some instances, we still use car- tion to a more transparent and sustainable supply
bon copy paper! Despite all of the challenges chain, but attracting money for this effort is more
we have to overcome them. difficult than one might imagine in this environ-
The types of products that we trade, and, in fact, We have to transform the industry for the sake of ment where everyone is pushing us for change.
the types of products the world currently relies our environment, be it the effects of extraction of
on for fuels are products that we know are not coal from the ground, the need to have full tracea- It is important that companies integrate the UN Sus-
good for our environment, nor for the future of bility of the products we consume or the mounds tainable Development Goals (SDGs), Agenda 2030,
our next generations in the longer term. It is clear of paper being consumed in our paper-based wor- into the DNA of their strategy. The business that we
that there are cleaner, greener ways of producing ld. Our markets need to find a more sustainable do and how we do it can be indexed to the SDGs on an
the energy that the world needs to consume. solution. Aside from the environmental impacts ongoing basis. We need to work actively with exter-
that need to be addressed, the way that we cur- nal parties on how we can assist with the transitions.
So, in a world where my children are confused rently trade and communicate is extremely inef-
when they can’t pause the television and ficient, leaves us susceptible to an ever-increasing Change is ultimately always a good thing, we need
wouldn’t know what a CD was if they fell over it, number of fraud attempts and make compliance it, we want it and we are excited about market de-
why has our way of doing business and the type with international laws, such as sanction laws, de- velopments and the opportunities that these mar-
of business that we are doing not changed? pendent on people and manual processes. ket disruptions and revolutions will bring. SPECIAL EDITION |APRIL 2020 | |COMMODITIES |11
New technologies in commodity trading:
evolution or revolution?
In particular, small and medium sized compa-
nies (SMEs) are struggling to develop a strategic
Jean-Noël Ardouin Kaïs Boubaker vision on how to make the most of these. One
Associate Partner, EY Manager, EY of the obstacles often quoted by respondents is
also the lack of standardised technologies in the
market combined with the lack of experience
with these technologies. Considering this,
The SRIC Foundation, in collaboration with siness model of companies active in the trading many companies have adopted a “wait & see”
EY and STSA, conducted a survey to assess sector, or will it radically transform the way approach or are just starting to test the waters.
business is conducted opening the path to new While commodity trading firms are usually
the impact of new technologies on the opportunities and market entrants? very agile, resistance to change and lack of ma-
commodities trading industry. nagement support have also sometimes been
T
Most of the surveyed companies believe that pointed out as factors slowing the adoption of
he survey took place during spring the highest impact will be in the support new technologies, specifically for SMEs.
and summer 2019 and was conducted functions (IT, trade execution and opera-
by the Swiss Research Institute in tions) but also trade finance and paper tra- As often pointed out, the commodity trading
Commodities (“SRIC”) with the sup- ding, including improvements such as: industry is about commodities, but also about
port of EY covering 56 companies, mainly tra- • digitisation of customer identity (for KYC) having people with the right skills, mindset and
ding companies (70% of respondents) as well as • digitisation of letters of credit experience. Therefore, trading companies are
trade finance banks (11% of respondents), certi- • digitisation of physical post-trade processing hiring more and more data scientists, change
fication companies and insurance companies. • automation of trade confirmation and managers and business analysts to help imple-
Among the respondents, 75% have their head- reconciliation menting and adopting new technologies. But it
quarters located in Switzerland, 54% of the also becomes more and more frequent that even
respondents have between 11-100 employees With respect to front office activities, the mass through the different functions and roles in the
and 27% more than 100 employees. The results collection of data, coupled with progress in the trading industry (from traders to operators,
displayed in this study reflect the positions of areas of AI and machine learning have opened risk managers, compliance officers, bankers,
the surveyed companies at that point in time, up new operational possibilities. Complex al- credit officers, etc.), new hires must have some
acknowledging that the industry is moving gorithms requiring efficient data storage and experience and appetite for working with new
fast in the adoption of new technologies. structuring can learn from data and tackle com- technologies, if not programming skills. This
plex decision-making tasks. Machine learning means trading companies are looking for new
The study focused on the impact of the following can complement human decision-making, such types of profiles in the market, which they will
technologies: artificial intelligence (AI), big data, as short-term price predictions of commodity need to fight for against technology companies,
blockchain and robotics process automation. prices based on voluminous data sets. start-ups and other industries which are also
The first element to highlight from this study is benefiting from the adoption of new technolo-
the high level of awareness of these new techno- However, surveyed companies strongly believe gies. The pool of talents with the right skills is
logies in general. More than 60% of the respon- that new technologies will not revolutionise the not infinite and there is a lot of competition in
dents declared having a strong level of aware- commodity trading industry, but rather, help in the market to hire these. To attract these talents,
ness, which we believe is the result of extensive increasing operational efficiency while decrea- companies active in the trading sector are put-
news coverage, conferences and emerging sing risks (e.g. fraud risk, credit risk, traceabi- ting forward the opportunity to really make
consortiums pertaining to new technologies in lity). In an industry facing erosion of margin, a significant impact to the future of their com-
the last years across all industries and the com- this would already be a big improvement. pany (and the whole sector) by modernizing
modity trading sector specifically. Additionally, processes and improving efficiency through
the survey shows that blockchain enjoys the hi- So, what are the principal challenges companies the whole value chain. An innovative work en-
ghest level of awareness across respondents. are facing with the adoption of new technolo- vironment combined with a strong company
gies? Firstly, aside from a few leading initiatives culture encouraging people to come up with
The big question mark however remains: specifically around the use of blockchain tech- new idea is also a strong value proposition to at-
whether new technologies will improve the nology, some of the respondents are still in the tract these talents so that they contribute to the
execution, efficiency and profitability of the bu- process of identifying tangible business cases. future of the commodity trading sector.
HOW WOULD
YOU ASSESSES
THE CHANGES
IMPLIED BY
THE EMERGENCE
OF THE THE NEW
TECHNOLOGIES IN
THE COMMODITIES
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