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BIFFEXBaltic International Freight Futures Exchange
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In light of the BIFFEX experience, the underlying asset of an FFA is the market rate of a specific route or an index of a small basket of routes.
The maritime derivatives BIFFEX ceased to trade mainly because of low hedging effectiveness.
These revisions have been driven by the intention to generate an underlying index that promoted the effective functioning of the BIFFEX contract and hence provided a sound basis for effective risk management.
The market has seen remarkable growth since that date and indeed, many practitioners suggest that part of the reason that the BIFFEX futures market has met its demise is because of the development and subsequent growth in the FFAs.