Our diverse customer base reflects the breadth of our knowledge and abilities

  • Exchange/Clearing House

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    We led product development for a start-up exchange in Europe, seeking to establish itself primarily in the commodities sector. We established key product opportunities using in-house market data and wrote contract specifications in addition to working with the technology partners to ensure that the chosen trading platform was capable of handling the innovative product structures. We also developed the ability to assess underlying market data quickly and establish whether opportunities might arise from it in centralised exchange-traded markets. We also looked at more esoteric markets such as catastrophe insurance and property derivatives. Show more
    We were involved in product development and specifically developed detailed delivery procedures for a start up commodity exchange in Asia. We took a very hands-on approach and not only wrote the delivery specifications and procedures but also ran live tests with the customer at the delivery location to ensure the procedures were practical and viable.
    We initiated and led a business development, marketing and press relations programme for an Eastern European exchange. This involved
    • a SWOT analysis of their current offering (product, technology, regulatory, clearing arrangements etc) prior to the meetings
    • selecting a range of potential blue chip clients for the exchange, preparing them for meetings, arranging the meetings, accompanying exchange executives and de-briefing them afterwards
    • the development of promotional literature and press releases in English and on the type of message which would influence potential international market users
    • introductions to and advice on approaching specialist press
    • the organisation of a social event in London for clients and potential market users.
    We managed a market design project to implement a new market model in UK power. This included
    • advising on exchange rules and procedures
    • advising on matching engine and technology
    • construction of RFP covering all aspects of the required market structure
    • advising on choice of vendors for trading and clearing
    • negotiating with vendors The market has gained significant traction and is has now developed derivatives to complement the successful auction.
    We advised on a market development strategy for a start up exchange in Africa. This included
    • development of an initial range of products – many of which were ground-breaking
    • devising an implementation plan
    • advising on appropriate trading technology.
    We developed a range of OTC services for a leading commodities exchange. This included
    • full background market research
    • advice to client on strategy and targeting for product
    • analysis of competitive issues
    • development of a range of strategies to counter potential participant negativity.
    We led the product development team for a start-up commodity exchange in Asia. This involved the whole product development cycle from initiating and checking ideas, research and logistics (warehousing, delivery etc) through to writing the rule-book. We established close relationships with the market participants in each of the target products and ensured that they were integrated into the product development process. Our work on this project has been used in a number of new contract launches – specifically with regard to using the delivery procedures.
    We conducted a review of clearing and clearing technology for a major exchange in Asia, benchmarking it to best international practise. This included
    • a ‘gap analysis’ to show where it conformed to international standards and where it did not
    • delivered a full template for a multi asset class clearing house to operate under the highest international standards
    • recommendations as to how the arrangements might best be brought up to international standards
    • worked with client staff to establish how the recommended model would work in their markets.
    We built the functional specifications for an internet-based trading platform for physical commodities. This included
    • creation of full functional specifications
    • user testing with developer team in India
    • promoting the platform and client onboarding
    • establishing and developing market making schemes
    • developing auction and reverse-auction functionality.

    Past clients include:

    Bursa Malaysia, CBOT, The Clearing Corporation, CME Group Inc (CME), Eurex,Hong Kong Mercantile Exchange (HKMEx), Hungarian Power Exchange, NYSE Liffe, LCH.Clearnet Ltd, London Metal Exchange (LME), Multi Commodity Exchange of India (MCX), PLUS Markets, Power Exchange of India, Powernext, Russian Trading System (RTS), Singapore Exchange (SGX), Taiwan Futures Exchange (TAIFEX), Tokyo Grain Exchange (TGE), Warsaw Stock Exchange

  • Technology

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    We developed a derivatives market entry strategy for a major securities operations technology company in North America. Show more
    This involved
    • a detailed landscaping project of the derivatives industry (exchange-traded and OTC)
    • a review of the client’s current products and services
    • identification of potential acquisition targets
    • looking at possible avenues for organic growth
    • advising on deal negotiation
    We developed a derivatives market entry strategy for a pricing and billing software vendor. This included
    • advice on the development of the client’s product specifically for the exchange-traded derivatives industry
    • a landscaping of the market for IT vendors in the F&O business
    • introductions to leading players in the business.
    We assisted with marketing, communications and business development for an IT company specializing in exchange and clearing house technology. This included assistance with market understanding and landscape as well as with press releases and press contacts, development of ‘angles’ for articles and news stories as well as advice on entering an associated segment of the IT vendor space in derivatives.
    We provide(d) tactical and strategic advice to a technology company operating in the power, energy and carbon sector.
    • providing ongoing advice to senior management on key derivatives industry trends
    • advice on post trade opportunities
    • review of data and opportunities to add value
    • analysis of opportunities in exchange-traded derivatives
    • led client panel sessions
    • created and led in-house staff training on all aspects of the commodity markets
    We prepared a feasibility study and offered recommendations to a European IT firm which was considering the possibility of increasing its presence in the exchange-traded derivatives business. This involved
    • a detailed landscaping and market sizing project of the exchange-traded derivatives industry
    • a review of the client’s current products and services
    • looking at possible avenues for organic growth
    • advised the client on a range of cost-efficient ways to optimise their sales and marketing strategy through careful market selection

    Past clients include:

    Broadridge Financial Solutions, Cinnober, Eflow, Ffastfill, Hewlett Packard, High Deal (SAP), Logicscope, SmartStream, Trayport

  • Bank

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    We assist a European Investment Bank with key projects. Show more
    These include
    • establishing opportunities in exchange-traded commodities markets
    • working with all areas of the bank to establish relationships
    • leading a project to renew post-trade technology in Exchange-Traded Derivatives
    • acting as part of a project to develop services in OTC clearing
    • advising on client proposals and new exchange products
    • liaison with exchanges where necessary.

    Past clients include:

    ABN AMRO Futures, Bank of New York Mellon, Barclays Capital, Dresdner Kleinwort Wasserstein, SEB, UBS

  • Legal/Consultancy

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    We worked with a consultancy representing a venture capital partnership and undertook due diligence related to a significant investment in a major derivatives brokerage house. Our work related to the fundamental drivers in the market and how those might benefit or harm the acquisition target. The end client subsequently bought the remaining share in the broker. Show more
    We have undertaken a number of high profile expert witness assignments – often we are asked to undertake forensic analysis of trading patterns, but have also provided opinions on how specific markets could be viewed as commodities and the way in which trading technology and cost have changed the way in which market participants can make money.

    Past clients include:

    Denton Wilde Sapte, KPMG

  • Trade Associations

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    We work with the Futures and Options Association (FOA) running the Power Trading Forum (PTF). We were instrumental in the initiation and delivery of the successful Market Design Project and are active in working with the wholesale power market in the UK to set and drive the agenda and activities of the Forum.

    Past clients include:

    Futures and Options Association (FOA), Grain and Feed Trade Association (GAFTA)

  • Regulators

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    We worked with a major regulator in the Middle East to assess the opportunities for development of LNG and fertiliser markets. Our findings identified how the state could generate multiple hundreds of millions of dollars of additional revenue by amending its pricing model and focusing more LNG on the spot market for the North Atlantic winter.

    Past clients include:

    Qatar Financial and Regulatory Authority (QFRCA)

  • Corporate clients

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    We work with a food manufacturing business to educate and train their buyers in risk management techniques and their management in understanding the risks the business faces. Show more
    We have worked with a number of power generators on biofuel-related projects. Identifying market opportunities and delivering sourcing contacts from within our broad network. These have allowed these firms to broaden their sourcing significantly thus lowering their key-supplier risks.

    Past clients include:

    Drax Power plc

  • Brokers

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    We have worked with leading Inter-dealer brokers on a wide variety of projects including commodity market development and the effective use of data. The latter has resulted in significant new revenue streams as the brokers add value to their data products in ways they had not previously contemplated.

    Past clients include:

    ICAP plc

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