Shipping slowly recovered after the collapse - but it was a changed world. The LIBOR scandal resulted in a tightening of the rules governing the production of benchmarks by the International Organisation of Securities Commissions (IOSCO), and the Baltic indices were produced in alignment with these principles. The FFA market moved to a cleared status with a number of international clearing houses offering services. The importance of new markets meant that the Baltic opened its first overseas office in Singapore, followed by establishing representation in Shanghai and Athens.
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