DENVER, Oct. 6, 2017 /PRNewswire/ -- PanXchange (PX) has opened the country's first ever exchange for physical proppant (frac sand). It is the only platform available to producers, E&P companies and service companies that aggregates spot and forward physical procurement and sales. Thus, it is the only source for real-time prices where true supply meets demand. On the PX system, members can also manage counterpart exposure and post bids and offers anonymously in real time.
Unlike prior market launches, PX launched sand with a consortium of over a dozen of the industry's leading producers and buyers financially committed for the first year. Current members, excluding service companies, represent approximately 30 percent of total U.S. sand production.
The platform launched with PanXchange's 2.0 software, which is faster, with more user-controlled optionality, price map functionality, and mobile phone access.
Also in Q4, Matt Jansen joined PanXchange's investor pool and Advisory Board. Matt was formerly the CEO of COFCO International ($17B revenue) and the Chief Risk Officer at Archer Daniels Midland (ADM $35B revenue). Previously, Matt held several senior executive roles at ADM overseeing trade divisions in oilseeds, grains, and ethanol in the U.S., Europe, and Brazil. Matt is an active advisor to PX as it focuses on global commercialization strategies.
Moreover, David Bradley, formerly with Deutsche Bank U.K., joins PanXchange as Chief Technical Officer. At Deutsche Bank, David was a Credit Risk Solutions Architect. Priorroles include Foreign Exchange IT Architect at HSBC UK and Exchange Connectivity (Development Manager & Architect) for Morgan Stanley UK.
PanXchange is a web-based OTC physical commodity trading platform. Designed by a veteran Cargill trader, the Denver-based software platform allows buyers and sellers to negotiate specific details of a trade, including the location and timing of delivery and the exact quantity and quality of the commodity ? all of it anonymously, in real time, with counterpart management and no burdensome costs of clearing and regulation. The company has been live in East Africa for two years, offering the negotiation and trade of more than 20 different agricultural commodities. In the fall of 2016, PanXchange went live in U.S. feed grains with more than 50 traders and doubled the member base within four months. Moreover, the data generated on the system offers an unprecedented amount of objective pricing data and metadata in real time. PanXchange is protected by two U.S. patents with four pending and was selected in 2016 as a Futures Industry Association Innovator. firstname.lastname@example.org
SOURCE PanXchange, Inc.
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