Xeneta Shipping Index by Compass (XSI-C), EU Benchmark Regulation (EU BMR) compliant is ready for index-based contracting and derivatives
Xeneta and Compass Financial Technologies announced the launch of the Xeneta Shipping Index by Compass, designed to be an accurate and transparent daily container freight index. Branded as the Xeneta Shipping Index by Compass (XSI-C) the solution is designed to offer a EU Benchmark Regulation (EU BMR) compliant index for rolling short-term Freight All Kinds (FAK) rates, which are rates applicable to the shipping of all types of goods.
“The XSI by Compass, provides the most reliable and in-depth EU BMR compliant short-term ocean container freight rates available,” said Xeneta CEO Patrik Berglund. “The unreliability of existing indices and their lack of transparency are what motivated us to create a new data source for the containerized ocean freight market together with the Compass team.
The contracted rate data reported to Xeneta by customers is the source data for the XSI-C indices. Xeneta is the world’s largest ocean freight rate benchmarking platform and provides the most exhaustive source of information related to container transactions. The use of proprietary data guards XSI-C from issues associated with third-party data sources, including problms with accuracy, reliability and transparency.
“With Xeneta’s robust, real-time data, EU BMR compliance and index calculation capabilities, XSI-C is positioned better than any other index in the market to provide the most trusted pulse of the market,” said Edouard Mouton, founding partner of Compass Financial Technologies. “Container shipping pricing is extremely volatile and Xeneta data and solutions are already trusted by hundreds of global companies, 3 of the top 5 ocean carriers and 7 of the top 10 global freight forwarders. The EU BMR regulation and our partnership positions the XSI-C as the backbone to support index-linked contracting and financial derivatives market.”
XSI-C rates are available for eight main trade corridors, calculated daily and published at 4:15 p.m. London Time. The rates are valid for less than 32 days, for a 40-ft. container. The XSI-C indices are co-owned by Xeneta and Compass Financial Technologies. The benchmark administrator and index calculation agent is Compass Financial Technologies (France).