North American pricing has its own structure. Aluminium trades with the COMEX contract and the Midwest premium on top, copper carries COMEX and regional premia of its own, and supply contracts often blend exchange pricing with fixed premia and delivery points. A hedge that ignores those regional components can look perfect on the exchange screen and still leak money in the physical book, which is why our programmes start by mapping each client's actual pricing mechanics.

US derivatives activity also operates alongside Dodd-Frank positioning limits and reporting regimes, and Canadian and Mexican operations must coordinate hedge books across borders and currencies. We build the governance, documentation and decision frameworks that keep multi-jurisdiction programmes explainable to boards and auditors.