Software company BLOC-X has announced the launch of its electronic trading software for over-the-counter (OTC) Oil Block Futures transactions
BLOC-X aims to reduce transaction costs for market traders by up to 90 per cent and to create a level playing field for all market participants eliminating pricing or information bias.
With the impending changes as a result of IMO 2020, the oil and shipping 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.
Andrew Toumazi, BLOC-X’s CEO and founder, said, “BLOC-X has been built from an organisational and technological perspective to solve major challenges within OTC Block Futures trading.”
“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,” he added.
