Onyx Capital Group

What Onyx Capital Group does

Onyx Capital Group is a London-headquartered, privately held proprietary trading group founded in 2016 by Greg Newman and Omar Kayaam, both previously at Mandara Capital. It operates as the world's #1 liquidity provider in oil derivatives by volume, with a combined 80% market share in the Dated Brent benchmark in 2024. The group is structured as a platform-plus-modules business built around Onyx Commodities (the core market-making desk) and Axis (a competitive trading arm launched in Dubai in 2024 to consolidate liquidity dominance). Post a 2022 management buyout, the company is 92% owned by founders and employees.

The company's product architecture spans trading, data, risk management, brokerage, education, and retail. Core offerings include OTC market-making across crude oil, light ends, distillates, fuel oil, NGLs, metals, and power & gas ($3.2T notional value traded in 2024, equivalent to 35.6 billion barrels); Flux Terminal, a real-time oil derivatives data and forward-curve platform priced at $400/month; the Onyx Spot Return Crude Oil ETC listed on the London Stock Exchange (ticker OIL, 0.99% annual management fee); Eagle, a real-time risk management platform with FIX adaptors for ICE, CME, and EEX; and Flux Institute for accredited education. Underlying proprietary technology includes Python/Java APIs, Excel and WhatsApp delivery, and proprietary datasets (Onyx Fair Value, Commitment of Traders) that are derived directly from Onyx's trading activity.

Revenue is generated primarily through market-making bid-offer spreads, with secondary streams from data subscriptions, brokerage/advisory fees, ETC management fees, and training. The company serves four primary customer segments: professional traders and institutional clients reached via a sales-led motion, corporates with oil hedging needs served through Onyx Capital Advisory, major oil traders and refineries, and retail investors accessed via Flux Terminal and the LSE-listed ETC. Operations span London (HQ), Zug, Singapore, New York (opened February 2026), and Dubai (Axis), delivering 24-hour global coverage. Reported financials include £208M in revenue and £76M EBITDA for FY2023, with annualised 2025 revenue of approximately £200M.

Name

Onyx Capital Group

Legal name

Onyx Capital Group Limited

Website

https://onyxcapitalgroup.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Onyx Capital Group is a London-based, privately held proprietary trading firm and the world's #1 liquidity provider in oil derivatives. Founded in 2016, it serves institutional traders, energy corporates, and retail investors via market-making, proprietary data products, risk management, and an LSE-listed ETC.

Ownership category

akta.pro rank

Product category

Oil Derivatives Trading and Market Making

NAICS

Commodity Contracts Intermediation (523160), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Market Makers & Liquidity Providers (OTC/prop/MM) (FSAPADAD)

akta.pro secondary industries

Pricing & Valuation Services (Fixed Income, OTC, Derivatives) (FSAFAIAF), Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG)

Keywords

• Oil derivatives trading
• Energy market making
• Commodity brokerage services
• Crude oil hedging
• Energy market data

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Market-Making Trading (Proprietary Trading): Onyx's primary revenue driver: acting as market maker in oil swaps, generating trading profits from bid-offer spreads across crude oil, light ends, distillates, fuel oil, NGLs, metals, power & gas. The company is the world's largest market maker by volume in oil derivatives, trading $3.2 trillion in notional value in 2024. Historical trading desk performance has been consistently profitable across all desks with no downside volatility.
2. Subscription & Data Services: Revenue from subscription-based access to Flux Terminal ($400/month), proprietary data products (Onyx Fair Value, Commitment of Traders), and research reports (Onyx Insight). Subscription revenue has demonstrated triple-digit growth. Data products are sold via API and platform subscriptions.
3. Brokerage & Advisory Services: Onyx Capital Advisory provides brokerage and hedging advisory services to clients with oil pricing exposures. The brokerage is the first interdealer brokerage in oil with an advisory licence. Advisory includes hedging solutions consultancy for corporates on risk management capabilities. Now cash flow positive.
4. Onyx Spot Return Crude Oil ETC Management: The Onyx Spot Return Crude Oil ETC (ticker OIL) listed on the London Stock Exchange charges a 0.99% annual management fee. Onyx Commodities serves as the Authorised Participant providing best execution. The product provides synthetic exposure to Dated Brent futures.
5. Flux Institute Education: Flux Institute offers online courses, in-person workshops (1-day, 3-day, 5-day programmes), and bespoke corporate training on energy and commodity trading. Courses cover fundamentals, technical analysis, behavioural finance, Python back-testing, and trading simulators. Clients include major banks and energy companies.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels10 records

Core offering

Onyx Capital Group is the world's #1 liquidity provider for oil derivatives, generating the majority of revenue from proprietary OTC market-making in oil swaps (crude oil, light ends, distillates, fuel oil, NGLs, metals, power & gas). It layers this trading franchise with subscription-based market data and analytics (Flux Terminal at $400/month, Onyx Fair Value, Commitment of Traders, Onyx Insight research), a London-listed Exchange Traded Commodity tracking Dated Brent (OIL), real-time risk management software (Eagle), brokerage and hedging advisory, and education (Flux Institute).

Product overview

Onyx Capital Group operates as a multi-faceted platform business offering oil derivatives trading, data services, and technology solutions. The core offering consists of Onyx Commodities (the world's #1 liquidity provider in oil derivatives), supported by Axis (competitive trading arm in Dubai). The group provides market access through Flux (energy market gateway platform) including Flux Terminal for real-time pricing visualization, Eagle Risk Management for risk controls, and various data products (Commitment of Traders, Fair Value, Insight/Research). Additional offerings include the Onyx Spot Return Crude Oil ETC for retail/institutional investors, Flux Institute for education, and Onyx Brokerage/Advisory for execution and consultancy services. The architecture is organized as a platform-plus-modules model where the trading business (Onyx Commodities) provides underlying liquidity and data that powers all downstream service products.

Differentiator

Problem solved

Functional benefit

Brands

• Onyx Commodities: Core commodities trading business - world's largest liquidity provider for energy derivatives, offering liquidity-as-a-service for crude oil, light ends, distillates, fuel oil, NGLs, metals, and power & gas
• Flux
• Axis
• Flux Markets
• Flux Institute
• Onyx Markets
• Eagle Risk Management
• Onyx Spot Return Crude Oil

Products and services

• Onyx Commodities (Market-Making Service) OTC market-making service providing liquidity-as-a-service in oil swaps and related energy derivatives for professional traders and institutional clients, accessible through Flux market-access solutions or directly via the Onyx trading team.
• Axis (Competitive Trading Firm) Independent competitive trading firm providing high-speed, deep-liquidity market-making across global energy derivatives, with combined market share in Dated Brent reaching 80% by 2024.
• Flux Terminal Subscription-based ($400/month) real-time data, analytics, and visualisation platform for OTC oil derivative markets, delivering live intraday forward curve values across crude, oil products, and LPG, with multi-year seasonality analysis, side-by-side historical comparison, customisable technical indicators, and API access (Python, Java).
• Onyx Spot Return Crude Oil ETC (Ticker: OIL) London-listed Exchange Traded Commodity providing fully collateralised spot crude oil exposure via Dated Brent futures, with a 0.99% annual management fee, ISA-eligible, UCITS-eligible, and UK Reporting Fund status; targeted at retail and institutional investors.
• Eagle Risk Management Platform Real-time commodity derivatives risk management platform offering live position tracking with trade-level, account, book, and portfolio reporting, real-time MTM P&L, VaR, intra-day limit alerts, trade blotter with clearing trade matching, 3-way reconciliation, and FIX adaptors for ICE, CME, and EEX.
• Flux Institute Education and training platform offering online courses (Trading with Discipline, European Gas Market, Decoding Gasoil/Diesel Markets, Navigating through NGLs, etc.), in-person workshops (1-day, 3-day, 5-day programmes in London), and bespoke corporate training on commodity and energy trading fundamentals, technical analysis, behavioural finance, Python back-testing, and trading simulators.
• Onyx Brokerage & Hedging Advisory (Onyx Capital Advisory) First interdealer brokerage in oil with an advisory licence, providing execution services, hedging solutions consultancy, and risk management advisory for corporates with oil pricing exposures; reported as cash flow positive.
• World of Oil Derivatives (Book) Published guide by Greg Newman covering the history of oil trading, commodities trading, oil market influencers, market analysis, evaluating market conditions, speculative trading, determining fair value, financialisation, and market solutions for newcomers and professionals.
• Flux Markets CFD Trading Platform Self-service CFD (Contracts for Difference) trading platform offering energy contracts, forex, metals, and retail contracts with execution services, accessible via apply-to-use and demo accounts.

Quantifiable outcome

• 80% market share in Dated Brent as of 2024
• +5 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Billy Sheil (Onyx Americas President)coreOthers · 4 February 2026Billy Sheil appointed as President of Onyx Americas in February 2026, bringing 20 years of futures market-making experience (previously at Axiom Markets LLC). Completes Onyx's barrel coverage across all three major time zones, making the company fully operational globally.
• Waystone Corporate Services (IE) LimitedcoreImplementation/ SI/ Consulting PartnerWaystone serves as Trustee and Security Trustee, Corporate Services Provider, and Calculation Agent for the Onyx Spot Return Crude Oil ETC programme. Located at Unit 10 & 11, Cahir Road, Cashel, Co. Tipperary, Ireland. Manages segregated collateral accounts independently of Onyx, providing investor protection in the event of issuer default.
• Citibank Europe plccoreImplementation/ SI/ Consulting PartnerCitibank Europe plc serves as Issuing and Paying Agent, Account Bank, Registrar and Transfer Agent for the Onyx Spot Return Crude Oil ETC. Located at 1 North Wall Quay, Dublin 1, Ireland. Provides banking infrastructure for the ETC's operational functions.
• Grant ThorntoncoreImplementation/ SI/ Consulting PartnerGrant Thornton serves as Auditor for the Onyx Spot Return Crude Oil ETC programme, providing independent financial audit services. Located at 13-18 City Quay, Dublin 2, Ireland.
• A&L Goodbody LLPcoreImplementation/ SI/ Consulting PartnerA&L Goodbody LLP serves as Irish Legal Advisors and Irish Listing Agent for the Onyx Spot Return Crude Oil ETC. Located at 3 Dublin Landings, North Wall Quay, Dublin 1, Ireland.
• Hill Dickinson LLPcoreImplementation/ SI/ Consulting PartnerHill Dickinson LLP serves as English Legal Advisors for the Onyx Spot Return Crude Oil ETC. Located at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW.
• ICE (Intercontinental Exchange)coreTechnology or IntegrationICE is integrated with Onyx's systems: Dated Brent futures trade on ICE (code DDM); Eagle Risk Management platform has FIX adaptors for ICE; ICE Data Services provides live curves to Eagle. Daily Dated Brent futures trade on both ICE and CME exchanges.
• CME GroupcoreTechnology or IntegrationDaily Dated Brent futures trade on CME (code A7G) alongside ICE. Eagle Risk Management platform has FIX adaptors for CME. Onyx's market-making operations are integrated with CME clearing infrastructure.
• Singapore Institute of Banking and Finance (SIBF)minorStrategic or Co-development PartnerFlux Institute's 'Trading with Discipline' online course series is based on a one-day accredited programme co-developed with the Singapore Institute of Banking and Finance, providing formal accreditation for the training content.

Scale indicators12 records

Recent moves14 records

Expansion highlights6 records

Direct peers

• Mercuria Energy Trading: One of the largest independent energy and commodity trading houses globally, active across crude oil, refined products, and increasingly oil derivatives and market-making. Directly comparable as a private, proprietary trading firm competing for the same institutional energy clients and liquidity pools as Onyx Commodities.
• Gunvor Group: Top-tier independent commodities trader with significant oil derivatives and physical oil trading operations. Comparable as a privately held, founder-led energy trading house competing for flow, market share, and talent in the same OTC oil swaps markets as Onyx.
• TPICAP Group: Major interdealer broker and market infrastructure provider in rates, FX, and commodities, including oil derivatives. Onyx's CFO Andrew Chen was previously Deputy CFO at TPICAP, and TPICAP's brokerage businesses (Tullett Prebon, PVM, ICAP) compete directly with Onyx Capital Advisory for interdealer brokerage flow.
• Marex Group: Publicly listed global commodity broker and trader providing execution, market-making, and advisory across energy, metals, and agricultural markets. Comparable as a comparable-scale energy derivatives broker and market-maker serving institutional clients with similar product breadth to Onyx Commodities and Onyx Capital Advisory.
• Hartree Partners: Privately held global commodities and energy merchant with significant oil and refined products trading and market-making. Comparable to Onyx as a private, capital-intensive proprietary energy trading firm competing in oil swaps and related OTC instruments.
• BGC Group: Global interdealer broker and financial technology provider with significant energy and commodities brokerage operations (including the former BGC Fenics and BrokerTec franchises). Comparable to Onyx Capital Advisory as a competitor in interdealer oil brokerage and execution services.

Broad incumbents

• Vitol: World's largest independent energy and commodities trader, dominating physical crude and refined products flow with growing derivatives presence. Comparable as a much larger incumbent in the energy trading value chain, providing scale context for Onyx's market-making franchise and capturing liquidity pools Onyx serves.
• Trafigura: Top-tier global commodities trading house with substantial oil and derivatives operations. Comparable as a broad incumbent in physical and financial oil markets whose hedging, proprietary trading, and corporate hedging advisory needs overlap with Onyx's client base.
• S&P Global Commodity Insights (Platts): Global benchmark price publisher and energy market data provider, where Jorge Montepeque (now Onyx's MD, Benchmarks) invented Dated Brent. Comparable as a benchmark and pricing data incumbent whose market assessments and data products are adjacent/competing with Onyx Fair Value and Flux Terminal.

Others

• Intercontinental Exchange (ICE): Operator of the exchanges on which Dated Brent and Brent-related futures trade, providing market infrastructure, clearing, and data services used by Onyx. Comparable as the upstream venue/market infrastructure on which Onyx's market-making, Eagle risk platform, and Fair Value products depend, and a potential data competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/onyxcapital
• YouTubeyoutube.com/@flux_news
• LinkedInlinkedin.com/company/onyx-capitalgroup
• Instagraminstagram.com/onyxcgroup

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Onyx Capital Group