Onyx Capital has launched a retail brokerage arm focused on the CFD market for oil trading.
The company is describing it as a platform for retail traders to access trading in the oil swaps markets. The new brand will be called Onyx Markets and will launch properly in the near future.
Onyx, which has historically been a market maker for oil products and other commodities derivatives, has hired several executives from IG Group and other retail brokers to manage the operation.
The new division is being headed up by Andrea Rebusco, who joined the company in May of this year.
Rebusco joins from MoneyFarm, a wealth advisor and investment platform that is primarily focused on providing products to UK retail clients. He also spent close to a decade at IG Group, where he moved up the ranks to become Head of EMEA Trading Services.
“Giving everyone access to [the oil] market is well overdue,” said Onyx Capital Group CEO Greg Newman. “For too long, retail investors have been sidelined, treated as outsiders with no influence over the contracts that determine the prices of the vital oil products powering our global economy.”
Onyx is the third company in the last couple of months to launch a retail facing brokerage offering CFD products, with UAE group APM Capital acquiring the FCA license of Dutch broker BUX.