(Reuters) – A group of North American natural gas trading firms said on Monday they formed a new company called Eleox to manage post-trade processes more efficiently.
The firms include units of BP PLC, Castleton Commodities International LLC, Koch Energy, Macquarie Group Ltd, Mercuria and Royal Dutch Shell PLC.
The companies said Eleox will replace paper-based contracts and manual reconciliation processes, and will initially focus on enhancing the post-trade process for North American physical natural gas.
The new platform will result in increased transparency, fewer data errors, less manual reconciliation and will minimize delays in transaction settlements, the companies said.
The companies expect the new platform to be available for use by all market participants in late 2022.
Reporting by Scott DiSavino