About Onyx
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. This liquidity is further enhanced by our new market-making arm Axis Limited, headquartered in Dubai. We leverage our liquidity to provide the world’s most comprehensive market access solutions available today within Flux.
Our Story
From a two-person trading desk to global market infrastructure
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 firm, left together to build Onyx into a multi-faceted market leader.
2016
How it started
Greg and Omar sketch out how Onyx will work.
June
Greg and Omar launch Onyx Commodities Ltd.
August
Onyx launches its Crude Oil Trading Desk.
September
Gasoline and Naphtha Trading Desk launched.
2017
June
OCL revenue £17m, net profit £1m.
August
Distillates Trading Desk launched.
2018
June
OCL revenue £31m, net profit £4m.
July
Onyx Capital Advisory Ltd formed.
September
NGL Trading Desk launched.
2019
January
Onyx Capital Group Ltd formed.
June
OCGL revenue £47m, net profit £12m.
August
Onyx Insight launched.
September
Fuel Oil Trading Desk re-launched.
2020
January
Onyx starts to make headlines.
February
Onyx Brokerage launched as the first interdealer brokerage in oil with an advisory licence.
May
Onyx Capital Group wins Newcomer of the Year.
June
OCGL revenue £120m, net profit £52m.
July
Traders are rewarded with equity, becoming the first equity partners in Onyx Capital Group Ltd.
December
LNG Trading Desk is launched.
2021
May
Onyx Commodities win Market-Maker of the Year; Flux Financial Ltd formed.
June
OCGL revenue £85m, net profit £26m; Onyx 5th year anniversary.
July
Luke McDermott becomes an official equity partner in Onyx Capital Group Ltd.
October
Onyx launches Flux: our oil market intelligence platform.
2022
February
Dubai Trading Desk is launched.
June
OCGL revenue £160m, net profit £62m.
September
Iron Ore Trading Desk is launched.
October
Management buyout of founding investor group (92% owned by founders).
December
Henry Monahan and Jasper Bird become official equity partners; Onyx Capital APAC Pte Ltd launches in Singapore.
2023
June
OCGL revenue £208m, net profit £76m; World of Oil Derivatives is published.
July
The Onyx C-Suite is formed.
August
Onyx Commodities Switzerland AG launches.
October
Power Trading Desk is launched.
2024
May
Onyx introduces directors.
June
Eight years of Onyx Capital Group.
2025
January
Onyx Markets launched.
June
Launch of Axis Ltd in Dubai.
October
Rebranding of all Onyx Capital Group services into one brand: Flux.