LEADING ENERGY TRADING FIRMS LAUNCH ELEOX
LEADING ENERGY TRADING FIRMS LAUNCH ELEOX, A JOINT VENTURE TO SOLVE OPERATIONAL INEFFICIENCIES IN NATURAL GAS POST-TRADE PROCESSES
HOUSTON (November 15, 2021) – A select group of leading companies that market and trade natural gas in North America has formed and invested in a new, independent company, Eleox. The initial participants in this joint venture – the first of its kind in North America – include bp, Castleton Commodities International LLC (CCI), Koch Energy, Macquarie Group, Mercuria Energy America, and Shell Energy North America (US), L.P.
Eleox will re-imagine commodity post-trade processing through the creation of an enterprise-grade application based on distributed ledger technology (DLT) to replace many existing, siloed post-trade systems with a unified, full lifecycle platform.
This secure, real-time digital approach is being created to manage transactions from post-trade through settlements, replacing paper-based contracts and manual reconciliation processes, and will initially focus on enhancing the post-trade process for North American physical natural gas. The enhanced settlement processing platform will result in:
Increased transparency and accountability while maintaining data security using distributed ledger technology;
A single source of truth throughout the trade life cycle; and
Fewer data errors, fewer mismatches, and less manual reconciliation, minimizing delays in transaction settlements
The platform will be designed by Eleox and tested by its founding members, which will constitute a key segment of its projected user base and is expected to be available for use by all market participants in late 2023.