Amid building momentum in the development of steel futures,
Birmingham Futures Exchange (BFEx) plans to open as an
over-the-counter marketplace later this month with trading to
commence later this year.
Jonathan Putman, chairman and ceo, told FO Week
that BFEx will be a membership marketplace that allows
manufacturers and end users to buy and sell steel futures. He
said the need for BFEx is essential, especially after products
such as hot rolled steel rose 90% in a seven-month span last
"Half of the steel industry is in bankruptcy and the other
half isn't feeling so good," said Putman, a 25-year veteran of
the steel purchasing business. "So counterparty credit is a
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