
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

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the Texas-based commodity trading advisor (CTA), is not impressed by having to entrust customer trades to these outdated methods, as he sees it.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