How Onyx came from nowhere to conquer oil swaps

In just four years, market-maker has become the largest provider of liquidity in energy derivatives

Onyx office
The startup has fast made its presence felt

Ask anyone to name the top players in oil derivatives, and most will probably mention energy majors such as BP and Shell, megabanks like Citigroup or commodity traders like Glencore, Trafigura and Mercuria.

Only a few might come up with Onyx Commodities. Yet the firm, the market-making and trading arm of the Onyx Capital Group and just four years old, claims to be the “largest provider of liquidity in energy derivatives in the world”.

“We set out to be a disruptive force and, at the same time

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