Onyx History

Providing a level playing field to the opaque & uncertain marketplace

Our Mission: To Digitise, Democratise & Scale the Oil Swaps Market

At Onyx Capital Group, we house various divisions driving our mission: Onyx Commodities, our trading arm, is the top global market maker in oil swaps, ensuring crucial liquidity. Onyx Capital Advisory, our services arm, offers unique data on oil swaps, supporting traders through brokerage and consultancy services. Our platform, Flux, enables digital trade with real-time market visibility. Rapid growth in the last five years positions Onyx to break barriers and provide accessible market solutions.

Our Story

Onyx was founded in 2016 as an oil derivatives trading house. Greg Newman and Omar Kayaam, who previously met while running their own trading desks at another trading firm, left together to start their own company with the vision of taking Onyx to a market leader in a multi-faceted operation.

2016

How it started

Greg and Omar sketch out how Onyx will work

Greg and Omar sketch out how Onyx will work

August

Onyx launches its Crude Oil Trading Desk

Onyx launches its Crude Oil Trading Desk

June

Greg and Omar launch Onyx Commodities Ltd

Greg and Omar launch Onyx Commodities Ltd

September

Gasoline and Naphtha Trading Desk launched

Gasoline and Naphtha Trading Desk launched
2017

June

OCL Revenue £17m, net profit £1m

OCL Revenue £17m, net profit £1m

August

Distillates Trading Desk launched

Distillates Trading Desk launched
2018

June

OCL revenue £31m, net profit £4m

OCL revenue £31m, net profit £4m

September

NGL Trading Desk launched

NGL Trading Desk launched

July

Onyx Capital Advisory Ltd formed

Onyx Capital Advisory Ltd formed

Through embracing their identity as market-makers, Greg and Omar worked to build trading coverage across the barrel and all geographical regions, targeting dominant positions in each product. From there Onyx has leveraged its unrivalled visibility and expertise in the energy-indexed swaps market (otherwise known as oil swaps) into a service offering through the launch of Onyx Capital Advisory in 2018.

2019

January

Onyx Capital Group Ltd formed

Onyx Capital Group Ltd formed

August

Onyx Insight launched

Onyx Insight launched

June

OCGL revenue 47m, net profit, 12m

OCGL revenue 47m, net profit, 12m

September

Fuel Oil Trading Desk re-launched

Fuel Oil Trading Desk re-launched
2020

January

Onyx starts to make headlines

Onyx starts to make headlines

May

Onyx Capital Group wins Newcomer of the Year

Onyx Capital Group wins Newcomer of the Year

July

Traders are rewarded with equity, becoming the first equity partners in Onyx Capital Group Ltd

Traders are rewarded with equity, becoming the first equity partners in Onyx Capital Group Ltd

February

Onyx Brokerage launched as the first interdealer brokerage in oil with an advisory licence

Onyx Brokerage launched as the first interdealer brokerage in oil with an advisory licence

June

OCGL revenue 120m, net profit £52m

OCGL revenue 120m, net profit £52m

December

LNG Trading Desk is launched

LNG Trading Desk is launched
2021

May

Onyx Commodities win Market-Maker of the Year

Onyx Commodities win Market-Maker of the Year

June

OCGL revenue £85m, net profit £26m

OCGL revenue £85m, net profit £26m

July

Luke McDermott becomes an official equity partner in Onyx Capital Group Ltd

Luke McDermott becomes an official equity partner in Onyx Capital Group Ltd

May

Flux Financial Ltd formed

Flux Financial Ltd formed

June

Onyx 5th year anniversary

Onyx 5th year anniversary

October

Onyx launches Flux: our oil market intelligence platform

Onyx launches Flux: our oil market intelligence platform
2022

February

Dubai Trading Desk is launched

Dubai Trading Desk is launched

September

Iron Ore Trading Desk is launched

Iron Ore Trading Desk is launched

December

Henry Monahan and Jasper Bird become official equity partners in Onyx Capital Group Ltd

Henry Monahan and Jasper Bird become official equity partners in Onyx Capital Group Ltd

June

OCGL revenue 160m, net profit £62m

OCGL revenue 160m, net profit £62m

October

Management buyout of founding investor group (92% owned by founders)

Management buyout of founding investor group (92% owned by founders)

December

Onyx Capital APAC Pte Ltd launches in Singapore

Onyx Capital APAC Pte Ltd launches in Singapore
2023

June

OCGL revenue 208m, net profit £76m

OCGL revenue 208m, net profit £76m

July

The Onyx C-Suite is formed

The Onyx C-Suite is formed

October

Power Trading Desk is launched

Power Trading Desk is launched

June

'World of Oil Derivatives: A Guide to Financial Oil Trading in a Modern Age' is published

World of Oil Derivatives: A Guide to Financial Oil Trading in a Modern Age' is published

August

Onyx Commodities Switzerland AG launches

Onyx Commodities Switzerland AG launches
2024

May

Onyx introduces directors

OCGL revenue 208m, net profit £76m

June

Eight years of Onyx Capital Group

World of Oil Derivatives: A Guide to Financial Oil Trading in a Modern Age' is published

Onyx has since become an authority on oil price and flows. Our trading business is the largest market maker by volume in the world. Our service arm is able to offer a full suite of services from broking to consultancy and critically acclaimed research. And our latest innovation - Flux - is a new data visualisation platform designed specifically for the oil swaps market.

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Disclaimer Notice: Unauthorised Firms

The Financial Conduct Authority has released warnings that the following unauthorised firms “Onyx Traders” and "Onyx Trade Group" may be targeting people in the UK. The Onyx Capital Group, and its subsidiaries (collectively "Onyx"), do not have any association with these firms. Onyx Commodities Limited (FRN: 778117) and Onyx Capital Advisory Limited (FRN: 822509) are both authorised by the Financial Conduct Authority.