I am now doing the analysis on the responses to the 2024 VPS and as usual, I’m surprised. The report probably won’t be out for a while as it is really quite tedious work doing the analysis as we look at it so many different ways. However, being only a day or so into it, I already see some interesting things that promise to make the final report a good read. Overall, we had a good response but continuing the recent trend, north American responses are down again as Europe had the strongest response followed by Asia-Pacific. We also got better response rates from Middle East-Africa and south America this year. I think that speaks to the ever broadening nature of commodity trading and CTRM. Once largely a north American phenomenon, the center appears to be drifting ever eastwards and may not lie somewhere around Dubai. The north American market is increasingly mature and somehow less dynamic it seem yet I suspect the energy transition will fuel another round of innovation and interest there as well. I would also say we got a more meaningful spread across commodities than ever before and again this fairly represents how the industry has… continue reading