Newly appointed PPR managing director Anthony Paul said the OM London Exchange would continue to operate Pulpex, and that CellMark would look to add worldwide industry players as equity partners in PPR.

Paul, who will be based in Switzerland, joins PPR from OM, where he was marketing consultant. He formerly worked in the pulp and paper industry for Georgia-Pacific.

"CellMark is the perfect vehicle to take this forward, and it has become increasingly clear that the industry needs to participate in this venture," said Paul.

CellMark is one of the worlds largest marketing groups specialising in pulp and paper, and will be responsible for the development and marketing of Pulpex.

Paul said PPR would look to add services such as providing background information and advice to companies unaware of the value of the derivatives market.

Since 1997 Pulpex has provided a continuous trading market with real-time prices on futures and options.

Paul said that although he felt 2002 would be a difficult year, there would be opportunities for "a lot of volume to be traded".

Story by Andy Scott