Simon Collins, the ex-head of metals and minerals at trader Trafigura, is gearing up to launch an online platform to match buyers and sellers in physical metals markets. Collins, a high-profile industry figure who left Trafigura in 2015, said the Tradecloud system would start operating out of Singapore in August. The platform will help traders to verify new counterparties and reduce risk through steps such as checking members' social media profile and endorsements.
It will also offer a messaging system that will compete with similar ones from Thomson Reuters and Bloomberg and the Symphony system set up by Goldman Sachs. Tradecloud aims to centralise communication among traders, which is currently spread across different systems including wechat, Skype, email and others.
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