LONDON, Feb 18 (Reuters) - Mitsui Bussan Commodities will soon offer hedging services to its continental European clients involved in the metals industry from its Paris office, following Britain’s departure from the European Union.
Britain’s financial sector no longer has unfettered access to the European Union after it left the EU single market on Dec. 31. The trade deal agreed with the EU does not cover financial services.
The Paris office already offers hedging services to energy and emissions markets clients, Mitsui Bussan Commodities said.
“Metals products are expected to be operational in March/April 2021,” Mitsui Bussan Commodities (MBC) said.
“This expansion...will enable (the Paris office) to manage the price risk requirements of its European clients from within Europe thus providing clients with the confidence they need in the post Brexit environment.”
MBC declined to comment on why it chose Paris over Amsterdam or Frankfurt or on staff numbers in its Paris office.
The group also has overseas offices in London, Singapore and New York. It does not have offices in Amsterdam or Frankfurt.
MBC London has been a London Metal Exchange Category II clearing member and the base metal futures arm of Mitsui and Co Ltd since 1991.
Its energy business was established in 2002. (Reporting by Pratima Desai; editing by Jane Merriman)