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Paper Boys

In: The Rivers of Money

Author

Listed:
  • Adi Imsirovic

    (Surrey Clean Energy)

  • Colin Bryce

    (Energex Partners)

Abstract

This chapter explores the transformation of oil derivatives markets in the aftermath of the Great Recession, focussing on the rise of new market-makers like Onyx Capital and others who filled the gap left by retreating investment banks. It delves into how firms such as Onyx, DV Trading, Dare, and Jane Street adopted technology-driven strategies, leveraging electronic trading platforms, quantitative models, and a STEM-oriented workforce to provide much-needed liquidity in oil derivatives markets. The chapter examines the increasing influence of high-frequency traders and algorithmic trading, alongside the evolving role of traditional traders like Vitol, Trafigura, and Shell who continue to capitalise on asset-backed strategies. Additionally, it analyses pivotal moments like the 2020 negative oil price event, the inclusion of WTI Midland in the Brent benchmark, and the broader impacts of geopolitical events, including Russia’s invasion of Ukraine and the growth of U.S. shale oil. The narrative concludes by weighing the benefits and potential risks of financial innovation, regulatory oversight, and the enduring relevance of human expertise in an increasingly automated market landscape.

Suggested Citation

  • Adi Imsirovic & Colin Bryce, 2025. "Paper Boys," Springer Books, in: The Rivers of Money, chapter 0, pages 291-314, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-91806-3_17
    DOI: 10.1007/978-3-031-91806-3_17
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