On Monday, a group of North American traders announced the formation of a new company called Eleox to enhance the trade process of the commodity.
Eleox will replace paper-based contracts and manual reconciliation processes. Initially, the new company will focus on enhancing the post-trade process for North American physical natural gas.
It would lead to higher transparency, fewer data errors, less manual reconciliation, and will minimize delays in transaction settlements.
Eleox is set to be available for use by all market participants in late 2022.
The companies involved in the establishment of Eleox are the units of BP PLC, Castleton Commodities International LLC, Koch Energy, Macquarie Group Ltd, Mercuria, and Royal Dutch Shell PLC.
