{"id":14078,"date":"2026-06-24T15:56:11","date_gmt":"2026-06-24T13:56:11","guid":{"rendered":"https:\/\/www.lcta.ch\/?p=14078"},"modified":"2026-06-24T15:58:42","modified_gmt":"2026-06-24T13:58:42","slug":"the-geopolitics-of-resources-and-fragmentation","status":"publish","type":"post","link":"https:\/\/www.lcta.ch\/en\/the-geopolitics-of-resources-and-fragmentation\/","title":{"rendered":"The Geopolitics of Resources and Fragmentation (Cdt.ch)"},"content":{"rendered":"\n
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In Lugano, experts and industry leaders discussed the effects of the end of hyperglobalization and the growing volatility of currency markets \u2013 a sector increasingly exposed to international tensions, shifting trade patterns and the growing segmentation of markets \u2013 at an event organized by the Lugano Commodity Trading Association (LCTA).<\/strong><\/p>\n\n\n\n

Lugano once again hosted one of the sector’s most anticipated events: the Global Commodities Conference, organized by the Lugano Commodity Trading Association (LCTA). The two-day event, held on 22 and 23 June, brought together industry professionals, experts and institutional representatives at the LAC to discuss the transformation of the global commodities trade against a backdrop of geopolitical tensions and monetary fragmentation. Fittingly, the conference was entitled “The Geopolitics of Resources.” For Lugano, the event also represents an opportunity to further strengthen its position as an international hub for the commodity trading industry.<\/p>\n\n\n\n

The conference opened on Monday evening with the graduation ceremony for the newly qualified commodity trading specialists, followed by an address by State Secretary H\u00e9l\u00e8ne Budliger Artieda, Director of the Swiss State Secretariat for Economic Affairs (SECO), interviewed by Roberto Grassi, Vice Chairman of LCTA.<\/p>\n\n\n\n

The geopolitics of resources and monetary fragmentation were the central themes of the two panel discussions held yesterday morning. The first featured Ambassador Ettore F. Sequi, former Secretary General of the Italian Ministry of Foreign Affairs and President of Sorgenia SpA, as keynote speaker. Sequi recalled that the process of globalization has not come to a halt; rather, it has slowed its pace and adapted to the new international environment. The role of the raw materials required to support the digital transformation of the economy, accelerated by the emergence of artificial intelligence, has become even more central. What we are witnessing, Sequi explained, is not the end of interdependence, but the erosion of the multilateral assumptions that once made it secure. Geopolitical risk, strategic competition and economic security are playing an increasingly important role in shaping trade, investment and supply chains. For three decades, globalization rewarded efficiency. The next era, the former Italian diplomat argued, will reward resilience. Nowhere is this shift more evident than in commodity markets. His keynote was followed by a panel discussion moderated by Dmitry Dvoretskiy, featuring Ambassador Sequi together with Mickael Butikofer, Head of Oil Research Europe & Asia at Trafigura PTE; Alessandro Fossati, CEO of Gamma Trade SA; Alberto Salsiccia, Chief Financial Officer of Petraco Oil Company SA; and Professor Fabrizio Vismara, Director of the Research Centre for Customs Law and International Trade at the University of Insubria.<\/p>\n\n\n\n

The Moon Metaphor<\/strong><\/h3>\n\n\n\n

The second keynote, focusing on monetary fragmentation, was delivered by Professor Angelo Ranaldo, Professor of Finance and Financial Economics at the University of Basel and Member of the Bank Council of the Swiss National Bank. Monetary fragmentation is also having an increasingly significant impact on the strategies of companies active in commodity trading. Professor Ranaldo used the metaphor of the two sides of the Moon to describe foreign exchange markets: one bright side, characterized by efficiency, liquidity and resilience; and one hidden side, marked by price dispersion, market segmentation and a dealer-centred market structure.<\/p>\n\n\n\n

These characteristics of the “dark side of the Moon” have a direct impact on the activities of commodity traders.<\/p>\n\n\n\n

The dominance of the US dollar also gives the United States considerable influence over the global financial system. The threat of excluding an entity from access to the dollar remains a highly effective instrument of pressure, as banks cannot afford to lose access to the world’s primary reserve currency. This leverage creates a cycle: sanctions encourage those under pressure to seek alternative channels, including stablecoins, parallel payment systems and currencies operating outside the traditional settlement system. The response is the imposition of even broader sanctions. The result is the progressive fragmentation of the international monetary system. These issues, particularly the role of the US dollar as the world’s dominant currency, were also the focus of a second panel discussion moderated by Dimitri Loringett, journalist with Corriere del Ticino<\/em>. Joining Professor Ranaldo on the panel were Fabio Baglio of Tether, Fran\u00e7ois Broussard, Head of Transactional Commodity Finance Switzerland at ING, and Giulio Macciocchi, Head of Finance & ESG at DXT Commodities SA.<\/p>\n\n\n\n