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E-trading software for over-the-counter oil block futures transactions launched

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Oilfield Technology,

BLOC-X has announced the launch of electronic trading software for over-the-counter (OTC) Oil Block Futures transactions. The company aims to reduce transaction costs for market traders by up to 90% and to create a level playing field for all market participants by removing pricing or information bias.

E-trading software for over-the-counter oil block futures transactions launched

With the impending changes as a result of IMO 2020, the oil industry is being forced to assess how it can transact more cheaply and more efficiently. The burden of regulatory compliance and the ever-increasing transaction costs, combined with fragmented and opaque markets, are compressing margins across the industry. BLOC-X is entering the market to address these issues by providing an alternative digital trading solution built to lower transaction costs and offer complete independence and greater transparency.

“BLOC-X has been built from an organisational and technological perspective to solve major challenges within OTC block futures trading”, said Andrew Toumazi, BLOC-X’s CEO and Founder. “Being a software provider not owned by an exchange, a bank or another intermediary, gives us the ability to be truly independent. Our aim is to provide a technology solution which provides efficiency gains to its end-users and ultimately improve clients’ profitability. We are confident that we have implemented an innovative pricing model to support this vision”.

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