The CTA and the self-build Sef: ‘We didn’t intend to do it’

How Aegis built the first non-broker Sef in five years and made way for ‘hundreds of billions’ in OTC trades

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“Why are we still doing transactions over the phone and in chat?”

Bryan Sansbury would like to know.

The CEO of Aegis Hedging, the Texas-based commodity trading advisor (CTA), is not impressed by having to entrust customer trades to these outdated methods, as he sees it.

Corporate users of commodity derivatives – airlines, energy companies and manufacturers – typically trade over the counter in the commodity swap market. In the OTC market, they don’t have to navigate the daily changes to

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