Fixed Income, Currencies and Commodities (FICC)

Metals and Energy Capital

The Metals and Energy Capital Division (MEC) provides principal equity and debt finance to the global metals and energy sectors, financing:

• Advanced exploration
• Feasibility studies
• Project development and operations
• Working capital
• Inventory/stockpiles
• Acquisitions
• Bonding     

MEC also provides spot, forward and option price making and structured hedging facilities in precious metals, base metals and other select commodities and, in conjunction with the Energy Markets Division, in gas, oil and coal.

Operating on a 24-hour basis, the division is a price-maker to the professional market in base and precious metals and is a principal provider of liquidity in the Asian time zone. The division is an associate broker clearing member of the London Metal Exchange and a full member of the London Bullion Market Association.

MEC has offices in Sydney, Perth, London, New York, Houston, Tokyo, Calgary and Vancouver.

Credit Trading

The Credit Trading Division (CT) facilitates client transactions with institutional investors and takes proprietary positions through market making in, secondary market trading of and investing in corporate debt securities, credit default swaps, syndicated bank loans, collateralised debt obligations, asset-backed/mortgage-based securities and derivatives of these products.

CT services hedge funds, mutual fund, insurance companies, banks and financial companies across a range of industry specialties including healthcare, consumer/retail, energy/utilities, gaming/leisure, commodities/metals, infrastructure/transport, real estate and telecoms.

The Credit Trading team began operations in New York in 2008 and has since established a presence in London.

Agricultural Commodities

Agricultural Commodities is a global business, with professional staff based in North and South America, the UK and Australia and the division services encompass wet and dry freight solutions.

The division provides risk management, trading and selected physical commodity solutions to a broad customer base. Agricultural Commodities expertise includes agricultural commodities (grains, soy complex, sugar, coffee, cocoa and ethanol) as well as physical and financial dry and wet freight. The division holds equity stakes in Lansing Ethanol Services, LLC and Lansing Trade Group both of which are active in physical ethanol trading in the US.

Energy Markets

Operating in London, Sydney, Melbourne, Houston, Calgary, Denver, New York, Singapore, Korea and Japan, the Energy Markets Division (EMD) provides risk management, trading and financing solutions to a broad customer base across the energy sector.

EMD services producers, refiners, airlines and shipping companies and other large energy consumers.

Global energy products traded include crude oil, fuel oil, heating oil, gasoline, distillates (gas oil and jet fuel), naphtha, coal and natural gas. The division is also active in physical and financial gas and electricity trading in North America through subsidiary Macquarie Energy (formerly Macquarie Cook Energy and Macquarie Cook Power). Macquarie Energy is a top 5 participant in the North American wholesale gas market. EMD continues to expand its offering into Europe through the Utility Services business offering power and gas services in select European markets.

Fixed Income and Currencies
(formerly Foreign Exchange Division and Debt Markets Division)

The Fixed Income and Currencies (FIC) Division provides 24-hour interbank price-making services in all currency pairs from one central dealing room in Sydney. The division also provides risk management services across all of these currencies and tailor-made products to corporates and institutions in Australia and globally.

FIC has diversified to provide wholesale and retail currencies delivery and technology platforms in Australia, New Zealand, Japan and North America.

In debt markets, FIC arranges and places primary market debt for clients, and provides secondary market liquidity in government, inflation-linked, corporate, global, mortgage and asset-backed securities. It also provides risk management solutions through structured securities and derivative-based products relating to credit and interest rate risk.

Emerging Markets

The Emerging Markets Division provides a full suite of services to institutional and local market participants in emerging markets globally.

Sales and trading teams in Miami, New York and London provide execution, custody, derivatives, financing and structured products over emerging markets bonds, credit, distressed debt, rates and foreign exchange as well as high yield and high grade products. The team also arranges OTC derivatives over equities, currencies and commodities and distributes Macquarie’s structured products and funds.

The Private Capital Markets and Advisory team provide specialised services in financing solutions, debt acquisitions and selective capital partnering in addition to establishing and managing investment vehicles and distressed asset opportunities in emerging markets.

Emerging Markets also makes principal investments, including interests in emerging market funds and related ventures.

Futures

The Futures Division provides a full range of broking and clearing services for Australian and international futures exchanges.

The division is a leading provider of these services in the Australian market and is selectively pursuing growth opportunities in offshore markets.   Futures make extensive use of proprietary technology to provide clients with customised execution and clearing solutions, including direct market access and straight-through processing. Futures operate from offices in Sydney, Melbourne, Brisbane, London, New York, Chicago, and Hong Kong.

Central

Central serves as an incubator for various non-Division specific or early stage or cross-divisional initiatives as well as housing various Group-wide services including:

• Environmental Financial Products' (EFP) global team is active in originating/structuring emission reduction credits from projects in China and Russia under the Kyoto Clean Development Mechanism and Joint Implementation, and distributing these credits to compliance buyers in Europe, Australia, New Zealand and Japan. With dedicated, full-time trading and structuring teams in Sydney, London and Houston working with EFP’s project origination team in Asia and Europe, FICC offers trading and client services with the benefit of knowledge and experience located at the project source.
• Structured Commodity Finance (SCF) offers services across agriculture, energy and metals including revolving, working capital facilities secured by exchange traded commodities and also provides repurchase-style physical transactions. Additionally, SCF provides mezzanine debt, structured facilities or transactions in conjunction with other FICC divisions.
• New jurisdictions and branch initiatives
• Joint-venture alliances