The following is a press release from OTC Global Holdings...
OTC Global Holdings LP (OTCGH), the leading independent interdealer broker in commodities markets, formally announced today that its subsidiary, EOX Exchange LLC, filed its application with the U.S. Commodity Futures Trading Commission (CFTC) for designation as a contract market (DCM).
A wide range of derivative products will be offered on the EOX Exchange, including futures and options in natural gas, crude oil and refined products, natural gas liquids, power and agricultural products. The EOX Exchange will leverage OTCGH’s proprietary EOXLive platform, which is well-known in the commodities sector for its ability to combine the transparency and convenience of electronic trading with the execution benefits of voice brokerage.
Leslie Barbagallo, president of EOX, will lead the effort to establish the EOX Exchange. Barbagallo joined the company earlier this year.
“As a broker, OTC Global Holdings has always been incredibly customer-centric, listening closely to customers as we developed products and services in brokerage, market data and technology. Adding centrally-cleared EOX Exchange futures and options will further enhance the solutions we’re able to offer in our areas of unique core competence – commodities and options,” said Barbagallo. “With the addition of EOX Exchange, we are providing customers a robust risk management solution with enhanced transparency and service – something they cannot get anywhere else.”
Since its formation in 2007, OTCGH has quickly become the largest independent institutional broker of commodities in North America.
“When we formed OTC Global Holdings just six years ago, our goal was to be the premier global commodity brokerage firm,” said Javier Loya, chairman and CEO of OTCGH. “The creation of the EOX Exchange is another step towards this goal, offering a combination of voice brokerage and exchange services to meet the full needs of our clients in a changing regulatory landscape.”