By Melanie Burton | MELBOURNE, MARCH 9 Simon Collins, the ex-head of metals and minerals at trader Trafigura, is gearing up to launch an online platform to match buyers and sellers in physical metals markets. Collins, a high-profile industry figure who left Trafigura in 2015, said the Tradecloud system would start operating out of Singapore in August. The platform will help traders to verify new counterparties and reduce risk through steps such as checking members’ social media profile and endorsements. It will also offer a messaging system that will compete with similar ones from Thomson Reuters and Bloomberg and the Symphony system set up by Goldman Sachs. Tradecloud aims to centralise communication among traders, which is currently spread across different systems including wechat, Skype, email and others. It plans to host tenders for refined metal shipments, moving eventually into minerals and other commodities. It will also host a service to authenticate counterparty documents with banks and smart contract documentation that may use blockchain technology. The platform is slated for beta testing in May. Ensuring customers are who they say they are, and metal is where it is supposed to be, has been a live issue for physical metals trading since
Continue reading Ex-Trafigura trader Collins plans platform to match buyers, sellers. This article appeared first on CTRM Center.
Source: CTRM Center