The CEO's Address with Greg Newman | Breaking the Wall of Silence

World of Oil Derivatives

Last week Greg discussed the role of hedge funds and their impact on oil markets in the past year. There has been plenty of hearsay and gossip from within the industry in response to the publishing arm of Onyx Capital Group, namely, The Officials.

Host of The Officials and Director of Benchmarking, Jorge Montepeque, joins Group CEO Greg Newman to explain why pushing for greater transparency sparks an old style backlash. For the avoidance of doubt, it's important to note, Onyx Capital Group has autonomously-ran subsidiaries and departments, one of which is a Publisher, which is entirely independent of the trading arm.

Evidently, there are a few bad actors who didn’t appreciate the transparency our media displays regarding the inner workings of the industry. We received increased scrutiny regarding our transparency on how the oil swap benchmarks are priced. The latest incident was the largest of the PRAs, Platts, contacting Onyx Capital Group directly to complain about these reports, whilst failing to specify which reports or podcasts when asked to do so. This is a legacy or knee jerk industry move. All of Onyx Capital Group's reporting is based on facts, using publicly available information and by exercising freedom of expression.

On this episode, Greg digs deeper into this tension, and discusses the challenges of bringing transparency in oil derivative markets to the surface. Jorge Montepeque, the man who built the Platts indices that oil swap contracts price against – and who now runs The Officials at Onyx Capital Advisory joins him. Jorge is no stranger to receiving backlash, bullying and threats from a few bad apples in the oil market and he joins Greg to explain why.

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