VANCOUVER, British Columbia, Canada -- A group of former traders at commodity giant Glencore has created an innovative new cloud-based mineral exchange to make it easier for producers and users to trade physical commodities -- cutting out the often costly middleman.
"We are reinventing the industry," Open Mineral Exchange Chief Operating Officer Ilya Chernilovskiy told Mining Weekly Online in an interview from London, England.
According to him, the OME streamlines contract negotiations and execution to increase efficiency and profitability for the participants. The Swiss-based startup, founded by former Glencore traders, strives to disrupt the decades-old model for trading physical commodities through use of technology and analytics. The company will initially cover zinc, lead, copper, gold, and silver concentrate markets and plans to expand to other raw materials in the future. ...
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