01 INTRODUCTION
Physical Markets, Simplified

The Physical Market,
Connected End to End.

We connect buyers, sellers, and brokers in a single neutral hub, govern every trade through a standardised framework, and enable efficient post-trade settlement through our post-trade platform.

Faster settlement
Lower financing cost
Greater liquidity
No change to how you trade
Built for the trade chain

Illustrative — names and marks are placeholders for this design preview.

4bn

Paper documents — not $ or tonnes — in global trade at any given day

ICC
~23 days

Of pure delay on every cargo — the deadweight cost of manual document processing

ICC / WEF
65–80%

Of letters of credit contain a discrepancy on first presentation — even with digital tools

ICC
The gap

Electronic bills of lading were a step forward. But they still think like paper. MMX digitises the market workflow behind it.

02 What is MMX

Three connected layers.
One complete workflow.

MMX is designed to be an agnostic, neutral provider. It does not compete with brokers, banks, or the trading venues the market already uses. It enhances them.

Layer 01
MMX Liquidity Hub

One screen that aggregates prices across multiple brokers, counterparties, and 3rd party platforms simultaneously — reaching multiple pools of liquidity from a single point, while keeping you in control.

Layer 02 — Governing Framework
MMXFA

The legal framework embedded into standardised contracts — ensuring standardisation across documentation, settlement procedures, and post-trade workflows across all counterparties.

Signs once. Governs every trade.
Layer 03
MMX Post-Trade

A digital portal to coordinate all physical trade documentation, banks, and settlement concurrently rather than sequentially.

MMX does not compete with brokers, banks, or the trading venues the market already uses. It enhances them.

It sits beneath however a trade is agreed — standardising the contractual framework, documentation, and settlement workflow into one auditable, secure system.

Trade on screen via the Hub
Post prices, aggregate across brokers and platforms, execute — all in one place.
Trade through a broker or bilaterally
Agree the trade however you normally would. Book it into Post-Trade. The workflow is identical.
Trade on screen. Trade through a broker. Trade bilaterally. The MMX Post-Trade workflow is the same — governed by the MMXFA.
03 If you trade physical commodities

You already know
the friction.

Every participant carries costs they shouldn't have to. These are the questions the market has been asking for decades.

01
Why does it take weeks to settle a cargo agreed in minutes?

Paper or digital documents still move sequentially between parties and banks, creating delays that can add up to weeks.

02
Why am I negotiating the same contract terms on every single cargo?

Documentation and settlement workflows remain fragmented, manual, and inconsistent — creating delays, discrepancies, and operational friction across the trade chain.

03
Why am I as the buyer carrying financing cost on deadweight document delays?

LC tenor should reflect commercial risk, not operational delay. Every unnecessary processing day increases financing cost across the chain.

04
I have eBLs. Why does settlement still take this long?

Most eBL platforms digitised documents, but still process them sequentially. MMX enables the entire trade chain to operate concurrently.

04 How it works

Two ways in.
One post-trade outcome.

You don't need to use the Liquidity Hub to access MMX Post-Trade. Whether you trade on screen or bilaterally, the same workflow applies.

Route 01
Trade via the MMX Liquidity Hub

Post prices, request quotes, or indicate interest on the MMX screen. Trade directly, via one or multiple brokers, or connect your own platform via API. Counterparty choice and credit decisions remain entirely yours.

OR
Route 02
Trade bilaterally — off screen

Agree a trade directly, through your broker, or on a third-party platform. You do not need the Liquidity Hub. Simply book the agreed trade into the Post-Trade platform. The workflow is identical.

Both routes lead here
MMX Post-Trade Platform

Governed by the MMXFA. All trade documentation, bills of lading, and LC workflows coordinated concurrently within one standardised workflow. Discrepancies identified earlier. Settlement in days, not weeks.

05 From the market

Built for how the market
actually works.

How participants across the trade chain describe the shift from sequential paperwork to a single, concurrent workflow.

We can agree a cargo in fifteen minutes, then lose three weeks to documentation. MMX is the first thing I've seen that re-engineers the workflow instead of just digitising the paper.
Elena Marchetti Head of Crude Oil Trading · Meridian Commodities
What won the desk over was neutrality. It sits underneath how we already trade — through us, the broker — without pushing anyone onto a competing venue.
James Okonkwo Managing Partner · Brent & Crowe
Renegotiating the same framework on every single cargo was pure deadweight. Signing the MMXFA once changed our financing cost structurally.
Sofia Lindqvist Group Treasurer · Nordström Resources
Discrepancies used to surface at presentation, weeks in. Now they surface on day one. For a trade-finance desk, that's the whole game.
Daniel Hartley Head of Trade Finance · Halcyon Metals

Illustrative — names, firms and quotes are placeholders for this design preview.

06 Register interest

Join the network.
Shape the rollout.

Tell us how you trade and we'll be in touch as MMX onboards participants. No obligation — we'll only use your details to follow up.