Expertise in Manipulation of a Physical Commodity Index

21 May 2023

Martello was appointed to provide independent expert witness services in a dispute regarding the manipulation of a physical commodity index. We provided an expert witness to opine on, amongst over things, manipulation in physical commodity markets, the inputs in pricing physical commodities and the ability to recreate an index. Our expert report outlined the differences between physical commodity and derivative markets, as well as commentary applying the expert’s experience and opinions specifically to the details of the case.


The Martello expert had practiced in physical and financial commodities for over 30 years. Our expert worked as a Chief Risk Officer for a large commodity trading business and previously ran a commodities portfolio for a large US hedge fund. As a ‘first time expert’, they noted the importance of our in-house team’s support and professionalism throughout the process assisting in the production of the report and preparation for cross examination.