Chinese banks are filling in for European lenders in US agricultural finance, helping preserve trading activity in sugar and other commodities in the wake of MF Global’s collapse, according to a US exchange chief.

Jeffrey Sprecher, chief executive of IntercontinentalExchange (ICE), told analysts that volumes in its US futures business, formerly the New York Board of Trade, had been affected by the bankruptcy of MF last year, as MF was one of the largest sugar brokers in the market.

However, he said that volumes for ICE Futures US had rebounded, in part because while European banks such as BNP Paribas and Rabobank had been pulling back from lending to US agricultural businesses, Chinese banks were emerging to provide that finance. Businesses needed to pay for hedging expenses and for warehouse space.