ED&F Man is an employee-owned agricultural commodities merchant with 5,500 people in 50 countries. It trades sugar, coffee, molasses, animal feed and pulses. In addition, it helps counterparties manage price risk through hedging, and provides access to commodity and capital markets through its financial brokerage business.
ED&F Man Capital Markets is a global financial brokerage business and the financial services division of ED&F Man Group.
The London-based company was founded in 1783 by James Man, who originally set up the business as a sugar broker and barrel maker.
Man retired in 1819 and died in 1823. In 1869 the company changed its name to ED&F Man, incorporating the initials of James Man's grandsons, Edward Desborough and Frederick, who took over the company.
In 1981, ED&F Man moved into futures broking, setting up Anderson Man, which became ED&F Man International, which became Man Financial.
ED&F Man put its brokerage division, ED&F Man Capital Markets, which processes trades and other financial brokering services, up for sale in 2019, alongside agricultural and manufacturing businesses in several countries. The company said it was exploring options for its brokerage unit that could result in the commodities trader selling a stake in the business or offloading it entirely, according to a June 2020 report in Bloomberg. The brokerage arm of the trader reportedly was in talks with partners for a deal that could have valued ED&F Man Capital Markets Ltd. at more than $500 million.
However, the company's plans to sell off its brokerage business were upset by the COVID-19 pandemic. A London judge ruled on August 11, 2020, that ED&F Man could ask its creditors to refinance more than $1 billion in debt that the financial services company was unable to pay. High Court Judge Antony Zacaroli granted ED&F Man Treasury Management PLC's application to convene two emergency creditor meetings in order to pay down a number of loans and notes due in September. Failure to repay its debt in time would trigger default across the ED&F Man group of companies, attorneys said. Judge Zacroli said the refinancing package appeared to be fair to creditors, who have not objected to its terms.
In early July 2022 ED&F Man Capital Markets confirmed it was in talks to sell itself to Marex, a rival broker, and had agreed to a “period of exclusivity to finalise its proposed acquisition.” The deal was estimated by Bloomberg sources to be worth $235 million.
On July 22, 2022 ED&F Man Capital Markets Ltd. said it would stop trading on the London Metal Exchange’s trading floor the following week, while retaining its status as a clearing broker. The brokerage had been planning the move ahead of the planned sale to Marex. About a dozen metals traders have resigned from ED&F Man Capital Markets and are set to join rival dealer Sigma Broking, Bloomberg reported.
Products and Services
ED&F Man offers:
- futures and options
- fixed income securities
- base metals
- foreign exchange
- OTC and exchange traded agricultural derivatives
Its services encompass trade processing, financing, clearing, execution and agency-based electronic and voice brokerage, as well as IT hosting for professional clients.
- Chris Mahoney, Chairman
- Chris Smith, Chief Executive Officer, ED&F Man Capital Markets
- Jade Moore, Group Executive Director of ED&F Man Capital Markets
- About Us. ED&F Man Capital Markets.
- About Us. ED&F Man.
- Trader ED&F Man said to explore options for brokerage business. Bloomberg.
- ED&F Man Cleared to Float $1 Billion Refinancing Plan to Creditors. Law360.com.
- ED&F Man Capital Markets confirms Marex sales talks. FOW.
- ED&F Man to Quit LME Trading Floor, Keep Status as Clearing Broker. Bloomberg.