Friday, February 27, 2015 5:30 pm

Dateline NEW YORK - Tradition/TFS announced that it is closing its pulp and paper risk management business effective today, 27 February 2015, after 18 years of service.

In an email Friday afternoon, Jeff Mehan, President, TFS Derivatives Corporation, wrote that the decision is primarily based on the reality that conducting a commodity swap intermediation business from the United States with an international client base is challenging under the Commodity Futures Trading Commission's implementation of the swap intermediation provisions of the Dodd-Frank Act.

Mehan added, "The decision to close this business is no reflection on the performance of Gary Helik. He has been stalwartly dedicated to serving the industry and all its customers. His ability to keep this business afloat through many challenging years is a tribute to his creativity and determination. Gary and I have been colleagues and friends for over 15 years. We've lived and shared the exciting times and the trying times in this business together."

Helik served as director of the North America Pulp and Paper Division of Tradition Financial Services.