27 Mar Bringing the dealing floor to your home: Digital survival in an OTC Market
The broker-trader relationship in OTC Oil markets can remain not just intact but enhanced through adoption of bespoke digital solutions.
Full lockdown is sweeping the globe and the energy industry is being forced to rapidly move towards a variety of different distributed working models. With a huge surge in remote working, we take a look at how the adoption of digital technology is enabling the oil industry to continue with ‘business as usual’. Oil market participants are having to adapt – and fast. In the space of just a few weeks, entire global industries are being run from employee’s spare rooms, whilst others have collapsed completely. Business continuity plans are being rolled out at breathtaking speed as firms are forced to adapt quickly just to survive.
Covid-19 will leave many lasting legacies including changing the way many of us work forever. Whether it is through the migration of in-person meetings, video conferencing to fill those ‘water-cooler’ chats or through transitioning to web-based technologies to ensure trader-broker communications are not impaired, remote working is becoming the new norm in oil trading.
For oil traders and brokers alike, full replication of their existing office setup is a tall order, and so individuals are being forced to make choices around efficient use of desktop space. Rationalisation of this broker and trader desktop real estate inevitably means a loss in market visibility and information.
This does not have to be the case.
Leveraging cloud-hosted technologies can now facilitate the connectivity between this disparate community of individuals. We are already seeing many of the more established and mature markets migrating to full electronic order flow, the New York Stock Exchange (NYSE) a prime example.
BLOC-X “brings” the dealing floor to your home
For some industries, the challenges of this transformation are greater than others. The OTC Oil market relies heavily on the constant daily interactions between traders, brokers and middle office staff. Markets are volatile, working environments dynamic and relationships are an important element of the workflow.
This is where hybrid models such as BLOC-X, an electronic software provider for OTC oil block futures, come into their own. Leveraging best of breed cloud-based technology with world-class encryption and data security, brokers and traders can now provide enhanced inter-dealer price distribution, whilst complementing existing market structure from the comfort of their own home.
Most importantly, the crucial broker-trader relationship remains not just intact but enhanced.
That fight for desktop space is solved through aggregation of broker information into a centralised easy to use interface, providing a real-time, structured view of the market.
- Brokers – never miss a trade with your firm’s own private dashboard.
- Traders – consolidate all your broker markets into one centralised portfolio.
- Speed to get setup: gain instant access to a global community of traders and brokers.
- Be online and functional in minutes with a highly intuitive trading dashboard.
- Meet Compliance requirements while working remotely: fully aggregated audit trail to ensure regulatory compliance
Many of the world’s largest oil trading companies are using BLOC-X. Stay connected with them.
Start dealing today. Sign-up here to get BLOC-X for 30 days for free.