While S&P is overwhelmingly known for its indices and credit ratings, over the last 13 years it has become a diversified data and analytics player, with analytics services generating premiums over the underlying data. Much of this transition has come from shrewd content driven purchases.

MDG’s view is the Tradenet buy is a continuation of S&P Global’s long term strategy.

For instance, Tradenet makes a nice fit as a triple commodities, ESG and Alternative Data play. It’s main product MINT provides a tool which tracks vessels carrying commodity cargos like coal, gas, oil (size-2 Billion tons pa), and iron ore (size-1 Billion tons pa) from embarkation port to unloading. According to ICS Shipping 11 Billion tons of goods are transported by ship annually representing 80% of global trade by volume and 70% by value.

Access to these types of services can directly impact trading on global financial markets. Therefore the ability to offer comprehensive data and analytics reflecting actual delivery of commodities, and very importantly, the time of its arrival, gives an accurate, and real world view of two direct drivers of commodity prices:

1 Supply and Demand

2 Production and Consumption


The data provided by MINT directly correlates to the current state of global economies and the status of trade flows in real time. Well as real time as a 10 knot ULVC can move. Monitoring and analysing changes in trade patterns pre-delivery gives an advantage to physical traders, brokers, and financial markets, directly impacting pricing volumes and volatility from primary markets through to futures trading on the CME and other commodities trading venues.

The deal provides added value levels of data and services to the S&P Global Commodity Insights business, and provides information that can be utilised in other ways:

1.The analysis and creation of new ESG based products and services (another area S&P Global is active in)

2.Ability to create new types of indices both for benchmarking and bespoke purposes

3.Capability to feed other analytical services and models, especially for trading futures, corporates reliant upon commodities for their businesses, and naturally foreign exchange


There is a tendency of financial analysts to view markets in isolation, for instance, as if equities have no relationship with corporate bonds, ignoring the deep inter-dependencies that exist.

S&P Global’s purchase of Tradenet represents a macro-view of what is happening in the world from the commodity hungry Chinese economy to companies like Rio Tinto Zinc a major producer. It provides underlying data and analytics that can be plugged into a wide range of solutions.

It opens up new corporate doors to S&P Global and increases the scope of its Cloud based relationship with AWS.

Keiren Harris 01 June 2023

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