LONDON — BLOC-X has announced the launch of its electronic trading software for over-the-counter (OTC) oil block futures transactions. As the first independent trading solution for oil block futures, BLOC-X aims to reduce transaction costs for market traders by up to 90% 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.
“BLOC-X has been built from an organizational 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.”
BLOC-X is backed by a number of industry investors, as well as the established maritime services organisation, The Signal Group.