November 1, 2016 / 4:05 PM / 2 years ago

Marex Spectron sets up Canadian crude brokerage in Calgary

CALGARY, Alberta (Reuters) - Global commodities brokerage Marex Spectron is opening its first Canadian office in Calgary, the country’s oil capital, with three traders, the company said on Tuesday.

Marex Spectron plans to start brokering Canadian crude from January 2017 and sees Calgary as an entry point into the Canadian market, with plans eventually to broker other products as well.

“We have long seen sizeable opportunities in the Canadian market and this now allows us to develop them, not just in energy, but also across metals and agricultural products,” said Hunter Baldwin, head of North America for Marex Spectron.

The brokerage has hired Justin Norbraten, Jay Mitchell and Tarun Ajwani, who used to work for rival Shorcan Energy.

A number of brokerages currently operate in the Alberta energy market, with Shorcan and Net Energy Inc the two biggest players.

Marex Spectron also has offices in New York, Stamford, CT., and Houston.

Reporting by Nia Williams; Editing by Dan Grebler

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