Physical Commos Meet FinTech
Reuters, March 9 Simon Collins, ex-Trafigura, has launched an online platform named Tradecloud which connects buyers and sellers in the physical market. Expected to be on the market in August, with beta testing in May.
Some of the platform's features: -"The platform will help traders to verify new counterparties and reduce risk through steps such as checking members' social media profile and endorsements." -"...offer a messaging system that will compete with similar ones from Thomson Reuters and Bloomberg and the Symphony system set up by Goldman Sachs." -"It plans to host tenders for refined metal shipments, moving eventually into minerals and other commodities" -"It will also host a service to authenticate counterparty documents with banks and smart contract documentation that may use blockchain technology."
Is this technology going to level the playing field and allow banks to compete better against the large shops? What are some of the potential implications of this kind of technology being adopted?
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